Blockchain for Imports and Exports ran by Abu Dhabi Ports

A subsidiary of maritime industry developer Abu Dhabi Ports - Maqta Gateway, has developed its own blockchain solution for international trade and logistics
04 June 2018   690

According to the Emirates News Agency report, this blockchain solution, dubbed ‘Silsal’, is now the first of its kind platform in Abu Dhabi and will allow the real-time tracking of cargo and paperless documents when  saving time and rising overall efficiency of international trade on a decentralized ledger. It was developed to overcome the gap between exporters and importers in an industry that is as known averse to digitization and change by decreasing the need for manual paperwork, communication and physical visits with faster, real-time information exchanges over a decentralized ledger.

The international shipping industry is ready for disruption with the World Economic Forum (WEF) admitting that blockchain technology could potentially save 20 percent of the total physical transportation expenses, cutting costs by up to $1 trillion in global trade.

Blockchain is a key step in the digitalization of trade. Through Silsal, we will be offering the trade community secure and integrated access to blockchain technology, with the added value of cost and time savings through real-time track and trace, reduction in paperwork and ease in extracting vital information to receive live updates.
Dr. Noura Al Dhaheri
CEO, Maqta Gateway

The platform will also allow to encrypt and secure all essential transport documentation such as the bill of lading, booking, delivery and transport orders. The blockchain deployed by the Digital Innovation Lab of Maqta Gateway, was tested with strategic clients of Abu Dhabi Ports prior to run and will see a commercial rollout to freight forwarders and their customers initially. Later, the technology will be suggested to the rest of the trade community as a ‘complementary tool’ alongside the present  Maqta’s Port Community System, a move that will fast-track acception.

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   166

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.