14th July 2020 - We are pleased to announce that InfoCorp Technologies has been selected for the Blockchain Challenge organised by the Infocomm Media Development Authority (IMDA) to develop the new cross-chain interoperability framework for Sentinel Chain ecosystem.
Sentinel Chain is an open-sourced blockchain platform primarily designed to facilitate fund raising by livestock-backed financing companies from offshore lenders. It is a B2B network implemented as an EVM-based Turing Complete consortium blockchain. Sentinel Chain taps into liquidity from the crypto world using a cross-chain bridge to the Ethereum mainnet. Essentially making Sentinel Chain a consortium side-chain to Ethereum.
FarmTrek is an InfoCorp product designed primarily to be the source of informal asset ownership for smallholder farmers in the real-world. FarmTrek allows dead capital from livestock to be unlocked for financing, e.g. using cattle as collateral for loans. Cattle are tracked using physical tamper-proof RFID tag attached permanently to its ear and the FarmTrek blockchain is used mainly for tokenizing the cattle into non-fungible tokens (NFT). FarmTrek is a contributor of livestock provenance data services on Sentinel Chain.
New Cross-Chain Oracle Framework
FarmTrek was previously known as CrossPay. The Sentinel Chain whitepaper describes interoperability between CrossPay and Sentinel Chain as a mechanism for issuing Local Currency Tokens (LCT) via Cross-Chain Atomic Swap. LCTs are essentially local currency stablecoins. Although CrossPay was essentially designed for traceability, it contains payment features that may be regulated by local financial authorities. This was the main reason behind the rebranding of CrossPay to FarmTrek in 2019 to create the separation of responsibilities between FarmTrek (provenance only) and Sentinel Chain (financial only).
This introduces a new change to the interoperability design between FarmTrek and Sentinel Chain, and shifted the focus to cross-chain oracle between the two networks. The new design will reduce the decoupling between the two networks so as to extend the possibilities of FarmTrek being interoperable with any blockchain network beyond Sentinel Chain. At the same time, Sentinel Chain will be given the flexibility to interoperate with legacy livestock registry databases via its oracle design.
InfoCorp is supported by IMDA to develop its new cross-chain interoperability framework in the Blockchain Challenge announced in June 2020. In the upcoming article, we will also be introducing our new ecosystem partner to demonstrate its application on Sentinel Chain.
InfoCorp Technologies Pte. Ltd. Founded in 2015 with headquarters in Singapore, InfoCorp Technologies’ aim as an integrated FinTech and AgTech company is to bring inclusive financial services to the livestock industry in emerging markets via its blockchain-based platform.
FarmTrek, a product of InfoCorp Technologies, is a system that uniquely combines the livestock and financial services ecosystems to enhance the livestock value chain and bring new financial services to smallholder livestock farmers. Smallholder livestock farmers, which represent a large population of the livestock industry in most emerging markets, are unable to collateralise their ‘livestock as an asset’ to access formal financing, and livestock insurance is not widely accessible to these farmers, mainly due to moral hazard and fraud issues. FarmTrek encourages financial inclusion for smallholder farmers by improving liquidity within the livestock value chain.
Sentinel Chain, an open-sourced 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 financial inclusion, the Sentinel Chain model establishes livestock provenance through the creation of livestock insurance on 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. Sentinel Chain is a project by InfoCorp Technologies.