Deloitte uses blockchain for ships certification

Deloitte joined forces with DNV GL to use blockchain in technical inspection acts certification 
02 October 2017   1525

The audit company Deloitte has signed a partnership agreement with the Norwegian certification company DNV GL for the transfer to the blockchain the acts on technical inspections of ships and oil installations. This is reported by CoinDesk.

Similar acts are issued to ships and other marine objects, confirming their compliance with safety and environmental standards. At the same time, such documents can be faked, and authentication takes a fairly long time.

According to Deloitte and DNV GL, a private blockchain with access rights, where each certificate is assigned a digital ID, can be a solution to this problem.

Instead of one record being held on one server, it's held over many, many systems.

Lory Kehoe
Blockchain lead, Deloitte's EMEA

Kehoe added that the existing system, where there is still a lot of manual work, should be digitized.

Anyone can, by scanning the QR code on the certificate, check its validity and data. With the one-to-one connection between the certificate and the blockchain, verification is instant and easily done with a mobile device.

Renato Grottola
Director of global digital transformation, DNV GL

The blockchain based solution was officially launched on September 23. At the moment, 90k certificates have already been entered in the distributed registry.

You can spend a lifetime building a reputation and it takes seconds for it to fall apart. All it takes is one or two scenarios where DNV GL have put their name to something and another company in another part of the world replicates that and DNV GL's name gets tarnished.

Lory Kehoe
Blockchain lead, Deloitte's EMEA

Kehoe is sure that the technology blockade is a way out of the situation for Deloitte. He stressed that the business insurance industry should be interested in blockchain.

Currently, the International Association of Certification Societies (IACS) takes a neutral position with regard to distributed registry technology. It should be noted that the head of this organization, Knut Erbek-Nilssen, recently became the CEO of DNV GL, who is also convinced of the need for digitalization of the industry.

The British competitor DNV GL, Lloyd's Register, also praised the prospects of blockchain technology in the industry.

We believe blockchain and distribute ledger technology has wider applicability in industrial applications, especially around increasing transparency in supply chains and around safety and reducing risk.

Spokesperson for Lloyd's Register

Kehoe notes a sharp increase in the awareness of Deloitte's customers about the technology of blockchain. He argues that now the company does not need to once again prove the effectiveness of the distributed registry to customers, because they themselves turn to blockchain-based solutions for specific problems.

We're not talking about experiments anymore in dark rooms where people are playing with this technology. It's now all about how do we integrate the technology in a meaningful way so that it solves the problem – it creates an opportunity, helping companies stay relevant, I think that’s a very important point too.

Lory Kehoe
Blockchain lead, Deloitte's EMEA

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   410

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.