World Largest Bank to File Blockchain Patent

Industrial and Commercial Bank of China filed a patent for a blockchain system for the exchange of financial assets
10 July 2018   833

The Chinese bank Industrial and Commercial Bank of China (ICBC) - one of the largest commercial banks in China owned by the country's authorities and the world's largest in terms of total assets - is trying to patent a blockchain system for the exchange of financial assets. This is reported by CoinDesk.

According to the patent application filed by the bank, this system is a platform whose members can function as nodes and form a distributed network.

When a user from one institution initiates a transaction request, a smart contract is launched, which forces each node to check the transaction based on the data provided - including the balance of the sender's account, its name and the amount of the transaction. The transaction will be considered complete when the network receives messages about the successful passing of the verification from each participating node, and therefore - overcomes the predetermined threshold of consensus.

The essence of this technology, according to the application, is to eliminate the intermediaries available in the existing system and improve the liquidity of financial assets.

In the patent application, ICBC claims that the research in this direction began because of the problems that arise in the existing system in the implementation of interbank and cross-border transactions - whether it is ordinary payments or the transfer of financial instruments like precious metals or futures.

The traditional transaction chain that is built around a centralized credibility system incurs problems like the high cost, low efficiency, low stability, as well as inflexibility. This impedes the bank's launch-to-market process to meet the rapidly growing demand for innovative financial products.

ICBC Filing

ICBC is filing a patent application for blockchain not the first time. Previously, the bank was trying to patent a blockchain that can verify the data of users using a distributed network.

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   166

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.