Blockchain Technology Based Crowdfunding Using Smart Contracts

Abstract

An innovative and modern avenue for startup fundraising is crowdfunding. There are many different forms of crowdfunding, but the fundamental goal is to raise enough money to produce or provide services. The internet and social media are essential for nonprofit organizations and entrepreneurs to raise money. Blockchain is a decentralised, immutable, and secure technology that maintains the transparency of all interactions between parties. The foundation of crowdfunding is the mutual trust between investors and stakeholders. Blockchain based smart contracts has enormous promise for both crowdfunding organisations and individual users. Blockchain-based crowdfunding platforms boost the legitimacy of various initiatives and endeavours, attracting large amounts of funds from donors and investors. The basics of crowdfunding, its existing limits, and the role of blockchain technology in crowdfunding will all be covered in the first section of the paper. Then it talks about other crowdfunding systems built on blockchain that have appeared recently. The explanation of the proposed system and its implementation and outcomes follows.