Mizuho & Hitachi: blockchain for supply chain management

Japanese Mizuho teams up with Hitachi in order to use blockchain for supply chain management
26 September 2017   2650

Japanese Mizuho Financial Group teams up with tech conglomerate Hitachi in order to use blockchain platform for supply chain management.

The release on mizuho-fg.co.jp 
The release on mizuho-fg.co.jp

The two companies have agreed to test a system built on technology from the open-source Hyperledger blockchain consortium to determine whether they can use an immutable ledger to record orders, invoices and otherwise collect data about company operations, as coindesk.com details. 

According to the companies, the ultimate goal is to develop a record of every transaction that can be accessible by anyone in the company, thereby streamlining the process needed to order an item. Thus, for now, Hitachi's process involves ordering an item, confirming the order, creating an invoice and approving the invoice. Hitachi intends to incorporate its Lumada Internet of Things platform into the test to aid its data collection efforts and continue to build commercial products.

It's also noteworthy, that it is not Mizuho's first time testing a blockchain platform for the use case, as the firm recently completed a trade finance trial with several organizations.

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.