Blockchain to be used in China For Government Audits

The National Audit of the People’s Republic of China expects that blockchain technology can become a way to improve government auditing functions
26 April 2018   412

As claimed in the article named “Some Ideas on Applying ‘Blockchain’ Technology in Big Data”, the blockchain part of the stock market has grown 19.95% for eight straight days this year, displaying blockchain using opportunity. The technology is able to  improve data storage, management, transmission and other work functions for data audits. The article suggests an overview about blockchain technology, stating that its features decentralized computing and time stamping services such as recognizing textual information based on time sequence and the constant data saving. 

The current auditing data system reckons on centralized storage, according to the article. Accredited agencies gather the data to do their audits, then upload it to a data center. Although the method has a high level of security, it is determined to result in “infinite expansion” of data center hardware and software requirements. The 19th Party Congress stated the goals for using science and technology, including the integration of the Internet, big data and artificial intelligence. General Secretary Xi Jinping called for taking the initiative with using big data. 

Nevertheless, in the audit area, big data apps stay in an environment in which data usage operations are cumbersome to administer, management is complex. On-site auditors, the article noted, are not convenient. 

Blockchain based distributed accounting and keeping don`t  demand centralized hardware or management organization, the article mentioned. Each agency can found data backup points, collect and manage data. The audit office data center will only store the timestamp the auditor uses and control the confidentiality, reliability and legality of the audit app. 

The audits will be based on blockchain data structures that will keep and check up data, use consensus algorithms to create and update data, and involve encryption and decryption algorithms to secure data transmissions.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   235

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.