Design and Development of Ethereum based Crowdfunding using Blockchain Technology

Abstract

Abstract: A growing number of enterprises, including start-up firms, artistic activities, and charitable causes, are being funded through crowdfunding. Traditional crowdfunding websites, on the other hand, struggle with a variety of issues, including prohibitive pricing, a lack of transparency, and fraud concerns. These issues have led to an increase in the use of blockchain technology as a crowdfunding platform. A decentralized, open-source ledger using blockchain technology safely and permanently records transactions. It provides several advantages for crowdsourcing, including decreased costs, increased transparency, and improved efficiency. Blockchain technology has the potential to open up crowdfunding to a wider range of investors, particularly those in developing countries with limited access to traditional financial institutions. Blockchain technology can be utilised for crowdfunding and smart contracts as well. Numerous procedures associated with crowdfunding, such as fund disbursement and investor verification, can be automated thanks to these self-executing contracts. Automation allows for a significant reduction in administrative work and a faster, more precise crowdfunding procedure. The goal of this article is to advance understanding regarding the application of crowdfunding using blockchain technology. We'll review the body of literature on blockchain and crowdfunding, take into account the benefits and drawbacks of doing so, and offer a framework for implementing blockchain-based crowdfunding. Our study will contribute to the growing body of knowledge on blockchain and crowdfunding, which will be helpful to policymakers, company owners, and investors interested in using blockchain for crowdfunding.