The Future of Finance
By Savannah Althoff-Thomson , Isma-Eel Adams , Jade Briner , Thania Abrahams
Innov8 is a personal loan management system developed using the groundbreaking concept of tokenisation and built on the Ethereum network. Tokenisation refers to the process of creating digital blockchain tokens, which represent real-world assets. Through closely analysing the characteristics of non-fungible tokens (NFT’s), which are typically associated with ownership of digital art, our team redefines the capabilities of this cutting-edge technology. Innov8 stores individual personal loan details as blocks of data linked together, forming a blockchain. The system allows users to interact with blockchain tokens through a user interface. Users can issue, trade, and delete tokens on the network by harnessing the capabilities of smart contracts, and view the results of these transactions in real time. This pilot system demonstrates the potential of the next revolution in the management of money – Decentralised Finance (DeFi). The move away from centrally stored data, coupled with the requirement of nodes to verify information across the network, affords greater trust, improved security and privacy, reduced costs, immutability, and ultimate transparency.