IBM Partners With Insurance Company

IBM is collaborating with Marsh, ACORD and ISN in order to bring commercial blockchain solution for proof of insurance
17 April 2018   600

According to the Business Wire report from April 16, IBM is collaborating with Marsh and other companies including ACORD and ISN in order to bring commercial blockchain solution for proof of insurance. Marsh is a company which provides industry-focused consulting, brokerage, and claims advocacy services, and leverage data, technology, and analytics aiming to reduce the clients’ total cost of risk.

Marsh is built on the Hyperledger Fabric technology and IBM Blockchain, and it will develop the commercial proof of insurance solution "in conjunction with IBM, with input from ACORD, and customer feedback from ISN".

Marsh sees great opportunity in leveraging blockchain technology to better serve our clients by maximizing efficiency and creating new opportunities in the insurance value chain. We believe strategic engagements such as this one with IBM, ACORD, and ISN will help accelerate the adoption of further blockchain applications benefiting our clients across industries.

Sastry Durvasula

Chief Digital Officer, Marsh

Sandip Patel, general manager of insurance industry at IBM, stated that IBM is aiming to connect emerging blockchain networks to facilitate the next generation economy, and they find collaboration with Marsh an ideal example of how blockchain can be used on a broader scale to drive real business results.

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.