Why Sentinel Chain ICO and The Unbanked

According to The World Bank 2015 report, there was an increase in bank account owners worldwide. In between 2011 and 2014, at least 800 million individuals become proud owners of bank accounts. Of course, this move is aimed at eradicating poverty levels worldwide.

Despite the above positive statistics, at least 74% of the South East Asian population remains unbanked. Translate that percentage and you have a whopping 440 million individuals who are unbanked. This not only impacts the ASEAN economy considerably, but leaves the unbanked at a disadvantage.

Hence, why the inception of the sentinel chain. Let us take a more detailed look at what the Sentinel Chain is about.

Summary Of The Sentinel Chain

It focuses on eliminating poverty by presenting financial opportunities to the unbanked. In Southeast Asia, the unbanked mostly represent flock owners and livestock keepers. In our digital age, owning an account is imperative. As having one under your name can help in certain situations.

Most of these livestock farmers are unable to interpret their livestock into value. This becomes a problem when they wish to open a bank account, or even take a loan. Why? Since livestock cannot be translated to any real value, banks cannot accept them as collateral.

Despite this fact, to farmers, their livestock is a valuable asset. And Sentinel works towards this: helping unlock the value of their livestock through tokenization. Thus, helping farmers use their assets as collateral, loans and so forth during difficult times.

Tokenization also helps to identify the ownership of the livestock. However, the process of having your livestock tokenized can only be done on the Sentinel Chain platform. These tokens are known as SENC tokens and are used as a medium of exchange

This business also aims to bring together different financial services and making them accessible. These financial services should be located nearer to such individuals. This form of accessibility should facilitate transactions for the unbanked.

Objectives of The Sentinel Chain

The Sentinel Chain works to create financial freedom for the unbanked. More specifically, for the unbanked in developing countries such as the ASEAN region. This platform allows them to unlock the value of their livestock and translate them into assets. Hence, giving the unbanked opportunities such as loan ownership, insurance and so forth.

This business operates within a number of main components: livestock Identification tag, the use of a mobile app in synergy with the CrossPay Blockchain and sentinel chain. The livestock tag helps the financial institution and the owner to identify their own livestock. Moreover, to identify their value.

First, the farmer is expected to buy the tokens from the market, and then later, pay for their livestock insurance. He will later then receive the ID, and the livestock data are then stored in the blockchain.
All this aims to give the unbanked farmers an opportunity to be financially secure

Summary of The Sentinel Team

The Sentinel team is made up of well- learned and experienced individuals. Most, if not all, are holders of P.H.Ds, making them suitable for their line of work. The said team is made up of exactly 14 members. They Include:

Roy Lai, who is the CEO and Co-Founder of Sentinel Chain and InfoCorp Technologies Pte Limited. He is very well- learned and experienced in the areas of Investment banking and financial technologies. Moreover, he is efficient in developing cryptocurrencies trading systems.

Chai Hock Lai, a well experienced and learned individual in finance.
The Advisors: Ronal Schwinn, David LEE Kuo Chuen, an expert in financial technology and has an interest in scalable technology. Also Bo Shen, who has had years of experience with blockchain- enabled technologies.