Crowdfunding Platform using Smart Contracts

Abstract

This study examines the use of blockchain<br> technology to construct a crowdfunding platform. The<br> opening section of the article looks at the current state of<br> crowdfunding and the shortcomings of conventional<br> platforms, including transparency, security, and<br> centralization concerns. The application of blockchain<br> technology through smart contracts is then introduced,<br> with a focus on its decentralized nature and capacity to<br> offer immutable, transparent records of transactions,<br> and its potential to address these shortcomings. In this<br> paper, the architecture and functionality of a<br> crowdfunding platform built on a blockchain network<br> are examined as a case study. The platform enables safe<br> and transparent fundraising, money tracking, and<br> incentive delivery.<br> The potential advantages as well as challenges of<br> establishing such a platform into operation are also<br> covered in the study, along with user acceptance and<br> regulatory issues. The main goal is to use Ethereum<br> especially smart contract technologies to make it easier<br> for people around the world toparticipate in campaigns<br> to raise funds. This gives contributors more influence<br> over their Ethereum contributions and makes it possible<br> for campaign designers and contributors to handle<br> funding for their projects effectively. The goal of using<br> Ethereum smart contracts on the crowdfunding<br> platform is to assure automatic contract execution to<br> stop fraud and promote confidence between fundraisers,<br> donors, and the platform.<br> The findings of this study imply that a blockchain-based<br> crowdfunding platform can overcome many of the<br> drawbacks of conventional crowdfunding platforms and<br> offer a more safe and transparent method of fundraising<br> after thorough investigation of the literature and case<br> studies.