VeChain cooperates DB Schenker: Blockchain for Logistics

Using blockchain technology, VeChain Foundation continuously aims at refining and adding value to the scope and development of their VeChainThor platform
12 June 2018   747

For the construction of the platform with holistic capabilities, VeChain Foundation is to involve the best service providers in the world, goods distributors and global experts into their platform’s ecosystem. All these things are necessaey to ensure the integration of as much business processes as possible. The Blockchain’s flexibility and power let the firms to create tailor-made resolves which can assist in overcoming their existing business issues. One of those solutions has now been co-worked with DB Schenker, one of the world’s leading global logistics providers.

DB Schenker is the transport and logistics enterprise branch of Deutsche Bahn. With a highly developed network of over 68,000 logistics experts in 2,000 locations, DB Schenker suggests comprehensive supply chain management resolutions, efficient air, ocean, rail and land transport as well as contract logistics around the globe.

Partnering with the third-party logistics providers in China, DB Schenker can propose extensive and integral logistics solutions across China for any industry and trade. Nevertheless, the huge potential of such a comprehensive logistics network is litigated by the complexity of measuring the performance and service quality of their business partners.

For that matter, DB Schenker has deployed a providering evaluation system with VeChainThor platform. This is the first time that Blockchain is used for supplier management aims. VeChainThor blockchain estimates the business partners based on collected data and lets DB Schenker to improve the service of the suppliers. The system and its related applications in the future will be able to potentially evolve into a platform widely shared and co-created by a broad range of logistics service providers.

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   277

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.