China property contracts to be timestamped in blockchain

One of the largest online real estate brokerages in China introduced a way for customers to sign and store digital contracts on a blockchain
22 June 2018   324

Lianjia.com has published a patent filed in November 2017 that reveals a project for a system that is able to connect an existing contract management database with a blockchain. The procedure is as follows:

  • digital contract is signed;
  • a transaction on a blockchain is initiated;
  • the digital signature is encoded into a timestamp;
  • hash of the transaction is stored in the contract system

While the existing centralized contract management system is well equipped to prevent alteration of contract content using multi-signature technology, a remaining challenge is to ensure the authenticity of the exact moment of the agreement being inked. Provide precision over when the contract is signed relative to when the actual money is paid is a factor that can make a notable difference should a dispute arise around a real-estate sale.

 

Excerpt from Lianjia.com statement

Lianjia was founded in 2001, got rebranded in 2010 with an implementation of 'online-to-offline' model. It provides property leasing and sales services in more than 20 Chinese cities.

SEC to Slap ICO Founder With $30K Fine

Additionally, David Laurance, founder of Tomahawk Exploration LLC got 2 lifetime bans
15 August 2018   118

The US Securities and Exchange Commission (SEC) on Tuesday reported that it has issued two new bans directed against David Laurence, the founder of Tomahawk Exploration LLC. Tomahawk allegedly stands behind fraudulent ICO, writes CoinDesk.

Laurence, according to the SEC, raised funds through the sale of Tomahawkcoin tokens, in the process of using misleading advertising materials and fraudulent statements that it is a tenant of drilling sites.

Moreover, the sale of Tomahawkcoin tokens, according to the SEC, was accompanied by a false promise that "the holders of tokens will be able to exchange Tomahawkcoin for shares and receive a potential profit from oil production and secondary tokens trading."

According to the SEC, Lawrence neither acknowledged nor denied the charges, but he and his company agreed to these bans, as well as a fine of $ 30,000.

...Tomahawk issued tokens as part of the Bounty Program to generate interest in the ICO, which benefited Tomahawk. Distribution of tokens that are securities in exchange for promotional services to advance the issuer's economic objectives or create a public market for the securities constitute sales for purposes of Section 5 of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.
 

SEC

The first prohibition of the SEC is a ban on the director's work in public companies, and the second does not allow Lawrence to own and trade in so-called "penny" shares. Both prohibitions, according to the announcement of the SEC, are lifelong.