How CrossPay App Helps The Unbanked
In our vision to empower the unbanked economy, we have designed the Sentinel Chain ecosystem that involves not just members of the unbanked communities but various other stakeholders such as merchants, insurers, investors, etc.
The Sentinel Chain ecosystem is composed of five components:
- CrossPay Mobile App
- CrossPay Blockchain
- Livestock Identification Tag
- Sentinel Chain
- Sentinel Chain Token
In this article, we will talk about the CrossPay platform (made up of the CrossPay Mobile Application and the CrossPay Blockchain) and how it benefits the underserved and unbanked communities.
In short, the CrossPay Mobile App is designed to be more than just a mobile wallet. Not only does CrossPay provide the unbanked with access to their account balance and enables transactions with other members in the communities like fellow community members, e.g., fellow villagers, and merchants, e.g., village shops, CrossPay will be key to the tokenisation of livestock (this unique element of CrossPay will be covered in another article).
Powering the transactions via the CrossPay app is the CrossPay Blockchain. There are several forms of blockchains, and ours uses the private blockchain technology. The advantage of deploying private blockchains into the CrossPay platform architecture is that it is private (duh) as usage is restricted to the members of the local community. In addition, the speed of deployment, the protection from the volatility of public blockchain currencies, and scalability are also the advantages of using private blockchain versus public blockchain.
It is with the CrossPay Platform that we can issue native cryptocurrency that circulates in the local community and the local community alone. Wait a minute, did we say native cryptocurrency? But why use a native cryptocurrency token? To understand how this usage is beneficial to the underserved and underbanked communities, we must travel back in time slightly.
Our story begins in Switzerland, slightly after the Great Depression in 1934. It was a time of global financial instability and currency shortage. In response to the instability, the WIR Franc emerged as an independent currency system. WIR functioned as a form of local currency, insulated from global currency fluctuations, to keep economic activities in the country running. Economists attribute the presence of WIR as one of the main reasons for the robust and unusual stability in the Swiss economy for over 80 years.
Local currencies circulate more quickly which results in greater economic activity in a region. However, local currency systems still require a form of centralised agency and are thus not as scalable.
This is where the native cryptocurrency comes in. Firstly, the decentralisation of blockchain technology reduces reliance on a central financial institution, enabling scalability. Secondly, distributed nature of the ledger and the mobile-first approach drastically reduce the cost of introducing financial services to community as well. As such, we found that the CrossPay platform was complementary to the concept of local currencies. With the Platform, the unbanked community are now able to issue their own local cryptocurrencies which are independent of a central bank.
In short, instead of the unbanked communities reaching out to centralised financial institutions for financial services, we bring the financial services to the unbanked communities using decentralised architectures.
Giving the unbanked access to digital payments has expanded financial inclusion to hundreds of millions of people in developing countries and has enabled them to be more secure, more empowered and more active contributors to local communities. CrossPay will bridge the gap in financial services and place the transformational power of mobile money in the hands of those who need it the most.
With the basic infrastructure in place, the CrossPay Platform together with the Livestock Identification Tag, can then enable the unbanked community to tokenise their assets. However, we think the tokenisation is a unique story on its own; we will save it for another day.
Thank you for reading, and we hope you realise how powerful the CrossPay Platform is for the underserved and unbanked community.
If you haven’t already, please join our Telegram group for the latest updates and announcements. Let’s revolutionize financial inclusion together!
Website: https://sentinel-chain.org
Medium: https://medium.com/sentinelchain
Twitter: https://twitter.com/sentinelchain
Telegram: https://t.me/sentinelchain
Announcements: https://t.me/sentinel_ANN
