US insurance companies to test a blockchain platform

Two US health insurance giants partner up to test a new blockchain pilot to improve healthcare system in USA
04 April 2018   520

Storing data is always expensive and presents a lot of issues with security. And blockchain has presented a new way to do it with less expense and hassle. Now American insurance companies want to try it out and see, if they will benefit from new technology in any way.

The biggest players in US health insurance sector are UnitedHealth Group and Humana. Together with UnitedHealth Group's subsidiary Optum they have partnered with Quest Diagnostics and MultiPan to test out a new blockchain pilot for the sector.

According to the press release published by UnitedHealth Group on April 2, 2018, the goal of the project is to see if sharing data between health insurance providers through blockchain will help people get faster access to care, streamline administrative work and improve data accuracy.

But the main issue to be corrected by the implementation of blockchain in such a way is the cost of data storage and maintenance. Right now it costs insurance companies about 2 billion dollars a year just to maintain the records and compile them with the separate copies, stored by hospitals and other parties in the business when differences arise.

Hopefully it will also reduce the cost of the services for the customers, but it's unclear as of now, because the project is just a pilot to test out the feasibility of blockchain in such a task. But more accurate information about the patient is essential to providing the best possible treatment, on this all the parties agree unequivocally.

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.