Crowdfunding using Blockchain and Cryptography

Abstract

Particularly after the Covid-19 outbreak, crowdfunding has become a prominent way to raise money for a variety of initiatives, causes, and people. In order to solve important issues like security, transparency, and worldwide accessibility, this study investigates how blockchain technology might be integrated into crowdfunding platforms. Through the use of Ethereum blockchain smart contracts, Crowd Fund generates an unchangeable record of transactions that documents each stage of the fundraising process, from the start of the campaign and contributions to the distribution of funds. Contributors' trust is increased by this method, which guarantees data transparency and integrity. Furthermore, blockchain technology makes it easier for people from all around the world to participate, enabling seamless contribution. In addition to reducing the possibility of fraud, blockchain technology and open fundraising procedures enable real-time tracking of fund utilization. Better accountability and quicker resolution of any issues result from this, which eventually creates a trustworthy atmosphere for crowdfunding projects.