S. Korean Banks to Use Blockchain to Verify Customer IDs

BankSign will offer local banks an option to replace the existing ID verification system that has been in place for decades in South Korea
12 June 2018   579

The Korean Federation of Banks (KFB) announced that it will soon release a blockchain-based identity system for usage in local commercial banks. It will be called BankSign and will be launched in July, after the end of the test period, which had began in April this year. This is reported by CoinDesk.

Samsung developed a private blockchain, based on the Nexledger technology.  According to KFB, thanks to BankSign, local banks will be able to replace the existing identity system, which South Korean banks have been using for several decades.

The KFB Federation was founded in 1984 and represents in South Korea the interests of commercial banks, including Shinhan and Woori - they, in particular, are exploring the possibility of using blockchain for cross-border money transfers.

The new blockchain system, which, according to KFB, will be available for online and mobile banks, is one of the first blockchain initiatives of South Korean commercial banks aimed at interacting with the mass consumer.

According to the Korea JoongAng Daily, in November 2017 KFB, in conjunction with local financial institutions, formed a banking blockchain consortium, after which investigations began to create an alternative authentication system.

The beta test of BankSign began in April after the government of South Korea abolished the mandatory use by banks of the traditional system, which gave the banking industry scope for using more advanced methods.

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   182

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.