How CrossPay App Helps The Unbankedhttps://medium.com/sentinelchain/how-crosspay-app-helps-the-unbanked-b591a06e7f8dIn 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:
1 CrossPay Mobile App
2 CrossPay Blockchain
3 Livestock Identification Tag
4 Sentinel Chain
5 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.