Announcement: InfoCorp AgTech to Purchase 5 Million SENC in Preparation for Sentinel Chain Launch in Q1–2019
In preparation for Sentinel Chain’s launch of its first use case in Myanmar scheduled for Q1 in 2019, InfoCorp AgTech, operator of Sentinel Chain, will be purchasing 1% (5 million SENC) of the total supply of SENC from the open market after 15th September 2018 based on the average end-of-day ETH price of SENC from 1st September 2018 to 10th September 2018 published in CoinGecko. This early purchase of SENC is carried out in view of the current low SENC value as well as the project being on track with regards to the roadmap.
The launch of Sentinel Chain will be the first use case for SENC, and that is to facilitate the creation of livestock insurance. Myanmar has a cattle population size of 17.035 million with cost of per cattle ranging from US$365 to US$1460 according to statistics from Livestock Breeding and Veterinary Department of the Ministry of Agriculture, Livestock and Irrigation. According to World Bank’s statistics in 2014, 8.96 million of Myanmar’s population borrow for a farm or business, and the legal cap of unsecured borrowing in Myanmar is 30% per annum. The completion of this use case for livestock insurance will set the stage for Myanmar farmers to gain wider access to financing by using livestock as collateral.
Moral hazard is the main problem facing the livestock insurance industry. An insurance fraud can be committed by the act of swapping the tag used for identifying a livestock to its insurance policy onto another livestock that is uninsured. Another problem is the lack of accurate livestock time series data that can be used to determine the livestock insurance premium. Sentinel Chain solves the problems through the process of attaching livestock with physically tamper-proof identity tag containing owner’s identification details using livestock insurance for attestation, and then writing full information onto the blockchain. SENC is used in the first use case by livestock insurance companies for payment of fees to store livestock ownership transaction onto the local private blockchain called CrossPay.
In order for SENC to be used as payment, it has to be acquired and converted into the local currency token (LCT) which is a stablecoin backed by local fiat currency in Myanmar used on the CrossPay network. SENC will be purchased by InfoCorp AgTech at appropriate times when value of SENC is deemed to be undervalued and is sufficient for LCT conversion. The purchase of SENC will be driven by the demand for LCT, which is driven by the demand of livestock insurance policy creations.
About InfoCorp Foundation
InfoCorp Foundation Limited (IFL) is a Singapore-incorporated public company limited by guarantee, set up to provide affordable and secure financial services to the unbanked via the Sentinel Chain, 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 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 developed by InfoCorp Technologies.
About 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 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.
About InfoCorp Technologies
InfoCorp Technologies Pte. Ltd. is a fintech company that provides the infrastructure to accelerate financial inclusion to unbanked and underserved communities through the use of blockchain technology. It designs solutions for small bank consortiums in emerging countries to facilitate inter-bank transactions using distributed ledger technologies and provides consultancy services to clearing house and central banks on implementations and testing of real-time payment systems, and also to corporate clients on implementations and operations of distributed ledger technologies for production use. For more information:https://infocorp.io/