Food Safety Blockchain launched by Alibaba and Fonterra

Fonterra, New Zealand dairy brand has cooperated with Alibaba Group to start the  blockchain-based Food Trust Framework
03 May 2018   756

The aim of the project is to trace the deliver chain from the dairy producer in New Zealand to Chinese customers. This blockchain pilot project is also directed on improving the traceability and transparency of the entire “end-to-end” supply chain as well as to struggle against counterfeit goods.

The Fonterra’s Anchor line products from have become the first to be sent as part of a pilot of the cross-border food trust framework. Chinese clients would be able to buy  these products via Alibaba’s Tmall e-commerce platform. Zhu Xiaojing, the Greater China president of Fonterra affirmed that, this initiative proceeds Fonterra’s commitment to catering prime global practice supply chain traceability. As an emerging technique, blockchain has the potential to bring greater value to consumers.

We understand that in China and many other markets, consumers want to be able to trace the products they purchased online. So we are willing to be a part of creating a globally respected framework to protects the reputation of food companies and give greater value and consumer confidence.
Zhu Xiaojing,
President, Fonterra

The general manager of Tmall Import & Export also underlined:

Food safety becomes a big issue across the world  and the supply chain is getting more and more complex. To face this challenge, Alibaba Group has build a coordinated, word-leading and robust framework that involves stakeholders from across the supply chain to improve transparency and enhance the confidence of consumers and merchants.
Liu Peng
General Manager, Tmall Import & Export

The large part of Alibaba’s e-commerce operation in China is the providing of foodstuffs and produce. Therefore, Alibaba also plans to increase accuracy and transparency in its supply chain and allow clients to have a better shopping experience in its Tmall platform.

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   223

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.