June 13, 2024

IBF Net unveils Credence Platform using NFTs on Algorand


The term “Credence” implies trust and reliability which is the newest addition to the portfolio of the platforms created by the IBF Net Group offering all benefits that are usually bracketed with blockchain technology in general as a trust-inducing machine.

It enables the preservation of tangible and intangible assets by creating transparent, verifiable, traceable, and immutable digital records of ownership in the form of NFTs while providing for the automatic implementation of contractual relationships using smart contracts.

For example, students can preserve their certificates and records of achievement on the blockchain in the form of tamper-proof NFTs that can be accessed at all times by any external employer or interested entity. 

IBF Net claims that from an organizational point of view, the Credence platform can create and store verifiable records of performance or acquisition of skills and competencies by its employees.

Creators of all hues — authors, artists, musicians, calligraphers, inventors, and what-have-you can time-stamp and preserve their creations on the blockchain while safeguarding the work from risks of plagiarisation by providing verifiability and traceability. 

All forms of intellectual property rights can be transformed into NFTs while smart contracts would automatically transfer royalties to the original creators every time the asset is sold to a new buyer. 

Certain industries, such as book publishing are notoriously known for their exploitation of new authors in the form of meager royalty rates and gross understatement of volumes sold. Credence expects to disrupt such businesses and hit them hard, according to IBF Net.

Shariah contracts that are not legally backed in certain countries can be formalized using Credence. It fills the gaping hole of trust deficit that currently exists in the system between parties engaging in Shariah nominate contracts that can range from social contracts like marriage and divorce to financial contracts like sale, lease, partnership, etc.

Credence can help organizations like Waqf boards etc in such countries to document, manage, and bring transparency in the dealings with regards to their assets by having them all preserved on the blockchain.

Credence can help such organizations meet the regulatory needs of governing bodies by providing a fully secure, transparent, and trust-inducing engine that uses Algorand blockchain technology.

According to the IBF Net claims, the Credence offers a simple user experience. Users can mint and preserve their NFTs on Credence at a nominal cost, once the contents clear the tests of Shariah compliance. 

This makes the user’s creation tamper-proof, immutable, with the ownership of the assets clearly established followed by automatic execution of smart contracts leading to royalty flows based on actual volumes.

Close on the heels of Credence, the IBF Net plans to further enhance value for its members through Affluence, a platform expected to be rolled out before the end of the first quarter of 2022. 

This platform is essentially an extension of Credence that will provide for a marketplace for NFTs where sellers can offer their NFTs either at a known price or via an auction mechanism.

The platform will also provide a unique interest-free borrowing-lending (Qard) facility through which buyers can seek financing for new purchases by offering their existing holdings as collateral, according to IBF Net.




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