The global financial market has gone through rapid changes in several years. According to the World Bank’s Global Findex, the percentage of population with age fifteen years and above with an account in the region is between 50 % from 66% in the region .In Iran, Middle East and Sub Saharan region are the region where 17% and 23% of the population (aged 25+ years) have an account with a financial institutions.
The Governments across the world have taken several initiatives to reduce the legal, policy and infrastructure barrier to promote financial inclusiveness of the people. However, most of the people do their financial activities with state run banks and their subsidiaries in the region but then companies like Sentinel Chain are helping in getting the rest of the population who do not have basic financial knowledge getting financially included by providing Insurance, Loans and Collateral by using their Livestocks which till today can be considered as ‘unvaluable asset’. Sentinel Chain is also creating an open and transparent marketplace that connects the unbanked to the network of global financial providers. This will be done by its SENC token, an utility token which shall be used to provide services.
For the livestock, RFID tag will be used that contains the relocation and timestamp at all point of time that will help in analyzing the movement, health and value of the cattle and that data would be used to be put into the platform.
The blockchain platform would also help the livestock owners to get their cattle insured and maintain health records. The local insurers refrain or do not insure the livestocks a such and this would make it much more easier. One another interesting aspect is loans, which the farmers can procure after the cattle are insured. The local financing company ( Due dliigience is done by Sentinel Chain to assess who would it be partnering with) who are aware and have the knowledge about the local operations help the cattle owners get the loans. The local companies can also access loans from the international companies by using the collateral data that they have procured.
The CrossPay Mobile Wallet launched by them would be one of its kind that would be use blockchain technology. The application is basically a mobile wallet that will help the unbanked or the people who would start to leverage their livestocks access their balances, conduct transaction and transact with other merchants within a geographical area. To get more people financially included in the ecosystem, Sentinel Chain
Roadmap
Execution & RoadMap
Stage 1
Q3/ 2017
Early Supporters Sale
Signed an MOU with Maybank to collaborate on financial inclusion technology projects in the ASEAN region
Stage 2
Q4/2017
CrossPay Blockchain trial with TS Group for migrant workers dormitory in Singapore
Signed an MOU for CrossPay partnership with CloudWell Ltd. -the national payment provider to Milk Vita (Bangladesh Milk Producer’s Co-Operative Union Ltd)
Stage 3
Q1/2018
JAN: Pre-Sale begins
FEB: Token Sale Whitelist Registration
Pre-Sale ends
MAR: Public Token Sale
Stage 4
Q2/2018
SENC to be listed and traded on various token exchanges
Beta testing of Sentinel Chain
Stage 5
Q4/2018
CrossPay will go live in the first unbanked market
Stage 6
Q1/2019
Sentinel Chain code review and audit
Sentinel Chain v1.0 will go live
Onboarding of the first financial service provider partner
Stage 7
Q2/2019
Integration of Sentinel Chain to CrossPay
Integration of financial service provider to Sentinel Chain
Stage 8
Q3/2019
End-to-end testing of Sentinel Chain
You can also visit their website
https://sentinel-chain.org for more information.
https://medium.com/rathi-r-ravi/sentinel-chain-achieving-financial-inclusion-through-blockchain-cc7cf467b88e
