STM Journals Peer-reviewed research from Consortium e-Learning Network

Journal of Open Source Developments Review Article

Revolutionizing Fundraising: The Power of Blockchain Crowdfunding

  1. Omkar Jagtap Department of Electronics and Telecommunication, Smt. Kashibai Navale College of Engineering (SKNCOE), Pune
  2. Sonali Jadhav Department of Electronics and Telecommunication, Smt. Kashibai Navale College of Engineering (SKNCOE), Pune
  3. Ankita Jagtap Department of Electronics and Telecommunication, Smt. Kashibai Navale College of Engineering (SKNCOE), Pune
  4. Sangharsh Indalkar Department of Electronics and Telecommunication, Smt. Kashibai Navale College of Engineering (SKNCOE), Pune

Abstract

Crowdfunding is a powerful fundraising method that leverages the financial contributions of many individuals to support various projects and ventures, typically facilitated through online platforms. It encompasses different models tailored to specific goals. In reward-based crowdfunding, contributors get non-monetary incentives, which aids in creating community involvement. Conversely, equity-based crowdfunding grants investors a share in the company, promoting a collective feeling of ownership. Blockchain technology is revolutionizing crowdfunding by offering a decentralized and distributed ledger that improves transparency, security, and transaction efficiency. A crowdfunding platform utilizing blockchain can greatly improve transparency and accountability during the fundraising process. Traditional crowdfunding methods frequently leave contributors unsure about the allocation of their funds, which can erode trust. By leveraging blockchain, the proposed application addresses these concerns. In this blockchain-based model, all transactions, including donations and fund usage, are securely recorded on the blockchain, making them immutable and transparent. This allows donors to monitor their contributions in real time and see how fundraisers are using the money. The blockchain's decentralized structure also removes the need for intermediaries, simplifying the donation process and cutting costs. The platform will offer an intuitive interface, making it easy for donors to access comprehensive details about their donations. By fostering greater trust and transparency, this blockchain-based crowdfunding platform aims to create a more accountable and efficient fundraising environment, ultimately benefiting both donors and fundraisers.

Keywords

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