Authors :
Raunak Sulekh; Manas Katiyar; Devang Trivedi
Volume/Issue :
Volume 8 - 2023, Issue 6 - June
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
https://tinyurl.com/vn2bhfut
DOI :
https://doi.org/10.5281/zenodo.8081773
Abstract :
This study examines the use of blockchain
technology to construct a crowdfunding platform. The
opening section of the article looks at the current state of
crowdfunding and the shortcomings of conventional
platforms, including transparency, security, and
centralization concerns. The application of blockchain
technology through smart contracts is then introduced,
with a focus on its decentralized nature and capacity to
offer immutable, transparent records of transactions,
and its potential to address these shortcomings. In this
paper, the architecture and functionality of a
crowdfunding platform built on a blockchain network
are examined as a case study. The platform enables safe
and transparent fundraising, money tracking, and
incentive delivery.
The potential advantages as well as challenges of
establishing such a platform into operation are also
covered in the study, along with user acceptance and
regulatory issues. The main goal is to use Ethereum
especially smart contract technologies to make it easier
for people around the world toparticipate in campaigns
to raise funds. This gives contributors more influence
over their Ethereum contributions and makes it possible
for campaign designers and contributors to handle
funding for their projects effectively. The goal of using
Ethereum smart contracts on the crowdfunding
platform is to assure automatic contract execution to
stop fraud and promote confidence between fundraisers,
donors, and the platform.
The findings of this study imply that a blockchain-based
crowdfunding platform can overcome many of the
drawbacks of conventional crowdfunding platforms and
offer a more safe and transparent method of fundraising
after thorough investigation of the literature and case
studies.
Keywords :
Crowdfunding, Smart Contracts, Blockchain, Ethereum, Cryptocurrency.
This study examines the use of blockchain
technology to construct a crowdfunding platform. The
opening section of the article looks at the current state of
crowdfunding and the shortcomings of conventional
platforms, including transparency, security, and
centralization concerns. The application of blockchain
technology through smart contracts is then introduced,
with a focus on its decentralized nature and capacity to
offer immutable, transparent records of transactions,
and its potential to address these shortcomings. In this
paper, the architecture and functionality of a
crowdfunding platform built on a blockchain network
are examined as a case study. The platform enables safe
and transparent fundraising, money tracking, and
incentive delivery.
The potential advantages as well as challenges of
establishing such a platform into operation are also
covered in the study, along with user acceptance and
regulatory issues. The main goal is to use Ethereum
especially smart contract technologies to make it easier
for people around the world toparticipate in campaigns
to raise funds. This gives contributors more influence
over their Ethereum contributions and makes it possible
for campaign designers and contributors to handle
funding for their projects effectively. The goal of using
Ethereum smart contracts on the crowdfunding
platform is to assure automatic contract execution to
stop fraud and promote confidence between fundraisers,
donors, and the platform.
The findings of this study imply that a blockchain-based
crowdfunding platform can overcome many of the
drawbacks of conventional crowdfunding platforms and
offer a more safe and transparent method of fundraising
after thorough investigation of the literature and case
studies.
Keywords :
Crowdfunding, Smart Contracts, Blockchain, Ethereum, Cryptocurrency.
