Sentinel Chain and VeChain Foundation announce Blockchain Partnership to drive Financial Inclusion
Singapore - 27 January 2018: 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, today announced a partnership and collaboration with the VeChain Foundation (“VeChain”), a well-established public blockchain platform.
VeChain will collaborate with Sentinel Chain on the development of cross-chain interoperable technology to facilitate joint access to global financial inclusion markets in areas of cross-border livestock trade.
Through this partnership, VeChain will integrate with Sentinel Chain to publish public livestock provenance data on to VeChain’s public blockchain platform. This will enable businesses and individual users a seamless access to public livestock provenance data. Private livestock provenance data however will remain on Sentinel Chain and accessible only to the local networks via cross-chain interoperability techniques. This solution will also leverage on security features to ensure that data stored on Sentinel Chain remains private. Through this partnership, VeChain will work together with Sentinel Chain to facilitate financial services for farmers as well as the digital identity of livestock — while at the same time maintaining the security of the private data.
“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.”
Roy Lai, CEO, Sentinel Chain
“VeChain’s collaboration with Sentinel Chain represents a new chapter in inclusive finance. Our solutions will build positive social outcomes in ASEAN — by using Blockchain & IoT to lay sound foundational digital infrastructure which will support new data-centric business models.”
Sunny Lu, CEO, VeChain
Partnerships with major financial institutions in Southeast Asia are in the pipeline to extend the value of this strategic alliance between VeChain and Sentinel Chain.
The partnership is a classic example of the inclusive nature of blockchain collaborative solutions using best-of-breed architecture as well as ‘fit for purpose’ use. With financial inclusion being a priority for developing countries, the parties are confident in accelerating actions towards rebuilding inclusive fintech.
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.
VeChain Foundation: The VeChain Foundation is a non — profit entity established in Singapore in July 2017. The Foundation will act as VeChain’s sponsor entity; it is committed to VeChain’s development, construction and governance, ensuring transparency, advocating the safety and harmonious development of open source communities.