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   842

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 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.