Efficient Use of Blockchain for Crowdfunding Platform
Tejasva Jugran, Aniket Dubey, Priti Kumari, Parmeet Kaur · 2023
Crowdfunding is a scheme of raising funds from many people or industries. Stakeholders can donate to any scheme they are concerned in and make money if initiative is positive or successful. Belief is a key component for everyone involved in generating funds, including the donor, the company that provides the fundraising platform's services, and even the fundraiser. However, traditional crowdfunding platforms have some limitations, such as high transaction fees, payment processing delays, and lack of transparency. So, this paper has emerged blockchain technology to address these limitations, offering a new model of crowdfunding that is decentralized, secure, and transparent. The proposed solution is a blockchain-based crowdfunding service platform in the form of a Decentralized Application (DApp), which further utilizes smart contracts and crowdfunding campaigns to execute the crowdfunding process. The proposed solution is time-saving, and cost-efficient and reduces the risk of the donations being used for malicious purposes.