VeChain has committed to ensuring that the financial services as well as features that are based on blockchain technology are able to reach all corners of the globe including the underprivileged. This is part of VeChain’s core mission of empowering everyone and making the world a better place. VeChain will achieve this by partnering with InfoCorp as well as Sentinel Chain, its blockchain technology.
Sentinel’s blockchain technology is basically an international marketplace that offers financial services across borders. It is also the first platform in the world that accepts livestock as security or collateral. Sentinel is thus aiming to offer financial inclusion at the last mile. By accepting livestock as collateral the unbanked are able to access loans which they would otherwise not.
Provenance data
The partnership between VeChain and InfoCorp will see the latter integrated with Sentinel Chain thus allowing the publishing of livestock provenance data to the public blockchain platform of the former. Individual users as well as businesses with then be able to have seamless access to the provenance data that is open to the public. However private provenance data will be kept on Sentinel chain only to be accessed on local networks through cross-chain interoperability techniques.
Security features of the solution will also be leveraged in order to make sure that the data kept on the Sentinel chain is kept private. Under the partnership the Thor solutions of VeChain will be used alongside Sentinel Chain to facilitate financial services and products to farmers. It will also help in facilitating livestock’s digital identity.
Financial inclusion
“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,” said Roy Lai, the chief executive officer of Sentinel Chain.
In Southeast Asia partnerships are being explored with leading financial institutions in order to ensure that the value of Sentinel Chain and VeChain’s strategic alliance are explored. For the foreseeable future VeChain will focus on microfinance projects as one of VeChain Foundation’s highest arching goals is to help the unbanked. The foundation will continue to devote more resources towards achieving this goal and will also continue to seek technical support partners.
