The term “credence” implies trust and reliability.
This latest addition to the portfolio of platforms created by the IBF Net Group offers all the benefits typically associated 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 enabling automatic enforcement of contractual relationships using smart contracts.
“A platform like Credence is an integral part of the ethical and Islamic digital ecosystem, as it addresses some fundamental issues related to the trust deficit. It enables the creation of an intelligent system by curbing the actions of bad actors in a multitude of use cases. Since the IBF Net community is currently made up largely of students, researchers, and professionals interested in the fields of Islamic business, finance, and technology, the use cases will initially focus on the needs of this community,” said Mohammed Alim, CEO of IBF Net Group.
For example, students can keep their certificates and achievement records on the blockchain in the form of tamper-proof NFTs accessible at any time by any external employer or interested entity. From an organization’s perspective, Credence can create and store verifiable records of the performance or acquisition of skills and abilities by its employees.
Creators of all hues – authors, artists, musicians, calligraphers, inventors and more can time stamp and preserve their creations on the blockchain, while protecting the work from the risk of plagiarism by ensuring verifiability and traceability. All forms of intellectual property rights can be transformed into NFTs, while smart contracts automatically transfer royalties to the original creators each time the asset is sold to a new buyer. Some industries, such as book publishing, are notoriously notorious for exploiting new authors in the form of low royalty rates and gross understatement of volumes sold. Credence expects to disrupt these businesses and hit them hard, according to IBF Net.
Sharia contracts that are not legally backed in some countries can be formalized using Credence. It fills the gaping hole of trust deficit that currently exists in the system between parties engaged in sharia appointment contracts which can range from social contracts like marriage and divorce to financial contracts like sale, lease, partnership, etc. Credibility can help organizations like Waqf councils etc. in these countries to document, manage and bring transparency in the transactions concerning their assets by keeping them all on the blockchain. Credence can help these organizations meet the regulatory needs of governing bodies by providing a fully secure, transparent, and trust-inducing engine that uses Algorand’s blockchain technology.
Credibility facilitates contracts without trust. This closes the doors to elements of corruption, tampering, and any issues that may arise with third-party intervention or reliance. It provides transparency of all contracts that may be used in the future by governing, legislative or regulatory bodies.
Credence offers a simple user experience. Users can create and maintain their NFTs on Credence at nominal cost, once the content has passed Shariah compliance testing. This makes the user creation tamper-proof, immutable, with clearly established asset ownership followed by automatic execution of smart contracts leading to royalty streams based on actual volumes.
Following on from Credence, IBF Net plans to further enhance value for its members through Affluence, a platform that is expected to be rolled out before the end of Q1 2022. This platform is essentially an extension of Credence that will provide an NFT marketplace where sellers can offer their NFTs either at a known price or through an auction mechanism. The platform will also provide a unique interest-free borrow-loan (Qard) facility through which buyers can seek financing for new purchases by pledging their existing assets as collateral, according to IBF Net.