BMW, GM, Ford and Renault to Launch Blockchain Consortium

New organiztion intends to make the transportation industry “safer, more affordable, and more widely accessible using blockchain technology”
02 May 2018   689

Automakers BMW, General Motors, Ford and Renault are the founders of the new blockchin-consortium, focused on the automotive industry. This is reported by TechCrunch

The consortium called Mobility Open Blockchain Initiative or MOBI. It has over 30 members, including Bosch, Blockchain at Berkeley, Hyperledger, Fetch.ai, IBM and IOTA. The group intends to make the transportation industry "safer, more affordable, and more widely accessible using blockchain technology."

The components of distributed ledger technology and smart contracts are able to transform methods of interaction with data, and MOBI intends to use the blockchain for performing various tasks, including payments, tracking data and managing supplies, billing customers, and achieving even more ambitious ones goals, for example, maintenance of autonomous vehicles and carcher systems.

Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles. By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.
 

Chris Ballinger

CEO, MOBI

Representatives of the automotive industry have long shown interest in distributed registry technology. For example, Toyota conducts its own research, Renault joined the research consortium R3, and Daimler is part of the Hyperledger block project, overseen by the Linux Foundation.

MOBI is distinguished by the fact that this group will be engaged in searching for solutions based on the blockchain in the automotive and transportation sector as the main activity, rather than as one of the areas of research.

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   174

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.