VeChain Partners With InfoCorp’s Sentinel Chain To Provide Cross-Chain Interoperability To Help The World’s Less Privileged
VeChainOfficial last edited by VeChainOfficial
Originally published on January 27th, 2018.
With a global ecosystem that empowers everyone, VeChain will always work to change the world for the better. Part of that cause is creating new ways for businesses to collaborate and part of that is enabling people in underdeveloped nations and regions. VeChain Thor solutions will work to facilitate financial services and features to people of all social class, and improve the world as a whole.
It is for those goals in mind that VeChain partners with InfoCorp and its blockchain, Sentinel Chain.
Sentinel Chain is a blockchain-based international marketplace for cross-border financial services and the world’s first platform to accept the use of livestock as collateral.
Taking a unique approach to the last mile problem of global financial inclusion, the Sentinel Chain model establishes livestock provenance through the creation of livestock insurance on the blockchain — the registration of livestock provenance on blockchain provides the unbanked with a new opportunity: the real possibility of accepting livestock as ‘collateral’ for loans.
Through this partnership, VeChain will integrate with Sentinel Chain to publish livestock provenance data on to VeChain’s public blockchain platform.
This will enable businesses and individual users a seamless access to public livestock provenance data. Private livestock provenance data however will remain on Sentinel Chain and accessible only to the local networks via cross-chain interoperability techniques. This solution will also leverage on security features to ensure that data stored on Sentinel Chain remains private. This partnership will enable VeChain Thor solutions to work together with Sentinel Chain in facilitating financial services for farmers as well as the digital identity of livestock — while at the same time maintaining the security of the private data.
“VeChain’s collaboration with Sentinel Chain represents a new chapter in inclusive finance. Our solutions will build positive social outcomes in ASEAN — by using Blockchain & IoT to lay sound foundational digital infrastructure which will support new data-centric business models.” Sunny Lu, CEO, VeChain.
“Sentinel Chain’s partnership with VeChain will preserve the right of every individual, particularly the rural unbanked and underserved — to have full access to quality financial services such as livestock insurance and microfinance.” Roy Lai, CEO, Sentinel Chain.
Partnerships with major financial institutions in Southeast Asia are in the pipeline to extend the value of this strategic alliance between VeChain and Sentinel Chain. More details can be found in Sentinel Chain’s whitepaper.
This is the first, of future to come, microfinance projects for VeChain. Helping the unbanked is one of the highest arching goals for VeChain Foundation. We will deploy a disproportionate amount of resources to do more in this area, and we welcome any other party with similar goals to come to VeChain for technical support. Changing the global business ecosystem should and will be all inclusive.