Singaporean Entrepreneur is Helping Small Farmers Play With the Big Boys
Sentinel Chain is doing something revolutionary and disruptive for the small scale agricultural farmers of the world. The major problem of small farmers is they have a hard time securing financial services based on current stipulations to generate credit. These small, usually family operated smallholders are a driving force in the largest and most ancient of enterprises, but they need help because they have limited legalized assets. Sentinel Chain intends to provide that relief by building a business to business marketplace that allows the unbanked agricultural community to use livestock as a fungible asset.
“The poor are richer than they think” is the mantra used in Sentinel Chain. What farmers lack in legal recognized capital, they make up in having livestock or ‘dead capital’ which the current financial system does not recognize as a viable asset to obtain financial services like credit and loans. No current financial model has the capacity to recognize livestock as an asset that can used as collateral, and so farmers have a tough time making it through periods of uncertainty. For the poor farmers to unlock their true economic potential, sentinel chain will use blockchain technology to provide registration and insurance for livestock, which would allow the asset to have a clear defined value. By achieving this, the project can:
1. Create a process of transforming livestock from dead capital to fungible asset
2. Create an open and transparent marketplace that connects the unbanked to a liquidity pool of financial players
The marketplace will use the Sentinel Chain Token (SENC) as a utility token. It will be used to take advantage of these 6 features in the marketplace:
1. Insurance – companies can issue insurance on livestock assets on blockchain
2. Loans – companies can issue loans on blockchain headed on livestock collateral.
3. Collateral – companies to use to borrow from global financing institutes
4. Crowdfunding- global peer-to-peer or crowdfunding platforms to provide financing
5. Community projects – overseas donors can use service for humanitarian aid or disaster relief
6. E-payments – electronic payments with local merchants
The project will also promote their mobile application called CrossPay which is built for the Android operating system. It is designed for the unbanked to use for
The team that is putting the Sentinel Chain project together are a diverse group of individuals with great experience and mix backgrounds. The team is based out of Singapore and is led by CEO Roy Lai, who co-founded InfoCorp Technologies. Their advisory board is filled with advisors that make sense, and prominent firms FENBUSHI Capital and iglobe partners has invested in them. They also have form strategic alliances with MediShares, Vechain, InfoCorp, and Maybank.
Unlocking the economic capital of the agricultural unbanked is a noble but difficult task. The current system model and legal framework makes it almost impossible for farmers to receive the financial services they need to function efficiently in todays modern global market. Sentinel Chains has put together a well devise plan and their team instills confidence in carrying out this disruptive idea. With great advisors, good alliances, and proper funding, the chances of success is very high.
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