Blockchain Welfare Payments to be launched in Australia

The plans of the blockchain technology adoption for social security welfare payments has been displayed by the Australian government’s digitization agency
22 May 2018   707

Randall Brugeaud, the Digital Transformation Agency (DTA) head executive pointed out welfare payment delivery as an early use case for its blockchain implementation effort at a conference in Sydney last week. The DTA was instituted in 2015, part of the government’s broad digitization agenda that tasks the agency to envolve other government structures and help them undergo digitization.

Our plan is to look for use cases across the Commonwealth with an initial focus on the welfare payment delivery system, then working with our digital service standard, we’ll conduct user research a view of having a prototype by the end of the next financial years. The potential of blockchain to securely record transactions will be investigated, drawing on the experience of other public and private sector organizations.
Randall Brugeaud
Chief Executive, Digital Transformation Agency

There are substantial merits of delivering social security welfare to citizens over a blockchain including transparency, immutability and raise efficiency with automated payments. The effort is especially concentrated on payments from Centrelink, part of the Department of Health Services (DHS) that ‘delivers a range of payments and services for people at times of major change,’ as described by the Australian government. 

The initiative enters to light soon after the DTA was  earmarked AU$700,000 by the Australian government as a part of its 2018-19 budget to specifically research blockchain applications in government services.

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   271

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.