Crowdfunding using Blockchain Technology: A Review

Abstract

Crowdfunding is a method of obtaining money for a project by asking a lot of people for modest donations, usually online. Nowadays, the biggest issue with crowdfunding is the trust component. People are reluctant to donate because of the increasing number of frauds that are occurring today. However, if donors could be assured that their money would be put to good use, donations may rise significantly. The need to employ blockchain in crowdfunding arises here. With the blockchain system, transactions are tracked over a network of computers that are connected to one another. This essay discusses the shortcomings of the present crowdfunding systems in use and makes recommendations for how to make things better.