Blockchain-Based Crowdfunding: A Trust Building Model

Gada, Sayyam; Dhuri, Akash; Jain, Denish; Bansod, Smita; Toradmalle, Dhanashree

doi:10.1109/aimv53313.2021.9671003

Cited by 15 publications

(3 citation statements)

References 5 publications

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“…The immutable nature of blockchain technology ensures that every transaction is recorded and publicly verifiable, which can help to build trust with donors by showcasing the direct impact of their contributions. Moreover, cryptocurrencies can significantly improve the accessibility of funds in regions with limited banking infrastructure or unstable currencies [17]. By leveraging digital assets, charities can bypass traditional banking barriers and directly receive donations from a global audience, ensuring that more of the donated funds reach those in need without being diminished by currency conversion fees or financial intermediaries.…”

Section: Figure 1 Proposed Flowmentioning

confidence: 99%

Transparent Charity Application and Crowdfunding Using Blockchain

Mr. Pramod S. Aswale,

Mrs. Nishigandha Vyawahare,

Abhijeet Patange

et al. 2024

Int Res J Adv Engg Hub

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Crowdfunding and other forms of digitalized philanthropy have created new channels of communication between donors and fundraisers. Nevertheless, new issues about privacy and security have arisen due to these advancements. Donors may lose trust in conventional techniques due to a lack of transparency on the allocation of their funds, increasing the risk of potential misuse or exploitation. This study suggests a new use of blockchain technology as a viable solution for difficulties in the crowdfunding and charity sectors. By leveraging the inherent immutability, security, and openness of blockchain technology, all transactions and fund allocations are documented on a public ledger accessible to all stakeholders. As a result, our system will operate smoothly. This solution offers real-time donation tracking from the moment of contribution to final expenditure and automates payment distribution using smart contracts. This is done to ensure that contributions are used appropriately. The initiative includes a feedback mechanism for recipients to report on the impact of contributions, setting it apart from other similar schemes. This terminates the relationship between the donors and the beneficiaries. The prototype showcases how blockchain technology may enhance trust and transparency, namely in the realms of crowdfunding and charitable donations. Blockchain-based solutions have the ability to greatly improve the efficiency of fund distribution and the transparency of financial transactions, based on user input and trial results. This can motivate more people to participate in acts of generosity and charity initiatives.

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Section: Figure 1 Proposed Flowmentioning

confidence: 99%

Transparent Charity Application and Crowdfunding Using Blockchain

Mr. Pramod S. Aswale,

Mrs. Nishigandha Vyawahare,

Abhijeet Patange

et al. 2024

Int Res J Adv Engg Hub

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show abstract

“…The proposed work suggest how it addressed various challenges and also provide a detailed approach on how the solution solve the challenges is been detailed discussed. [1] B. Blockchain -Based Crowdfunding Application Blockchain -Based Crowdfunding Application is a model proposed to implement a decentralized crowdfunding application based on blockchain. The advandage of this platform is the platform is been governed by the smart contracts.…”

Section: A Blockchain -Based Crowdfunding a Trust Building Modelmentioning

confidence: 99%

Medtrust - A Decentralized Model for Medical Crowdfunding Based on Smart Contract Using Etherium

Raja,

et al. 2023

IJRASET

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Trust and Transparency is a great challenge that the current world encounter when coming with systems that really matters the day to day life. When it comes to financial systems, the requirement becomes stronger. The paper suggests the implementation of a medical crowdfunding system incorporating trust and transparency with blockchain. With decentralized approach. The paper explains implementation of a Crowdfunding system based on blockchain using smart contract. The Paper explains the architecture, implementation and Test cases that been used and a study of the how the model solves the issue of trust. The system is been tested and deployed with hardhat framework over sepolia Test Network.

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“…If the project does not continue midway, the money is returned to the sponsors. This will be a multi-user application with three different user types: Traditional crowdfunding platforms [6] are vulnerable to data breaches, high transaction and platform fees, and rampant fraud that occurs due to the anonymity of user identity, i.e. users cannot be identified when they commit cybercrime.…”

Section: Introductionmentioning

confidence: 99%

Easy-Starter : An Online Crowdfunding Website Using Blockchain

Gupta,

Gangwar

et al. 2024

Int. J. Sci. Res. Comput. Sci. Eng. Inf. Technol

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Crowd funding is a method of internet fundraising that started out as a way for the general public to contribute small sums of money to support the initiatives of creative individuals. Crowdfunding allows individuals to invest in start-up businesses by going via a middleman, like a broker-dealer. The present websites have an issue in that they don't offer the Donor Guarantee Policy and they don't have authority over the funds that donors donate. In this paper, we propose to use blockchain technology for crowdfunding. By doing this, we are able to offer a transparent, safe, and safe crowdfunding process. This article aims to facilitate the creation and funding of campaigns by offering interactive forms for campaign designers and funders to easily construct and approve initiatives. The money that was donated to them can be tracked by the donor. Every transaction will be captured by the blockchain and stored as a block. There are costs involved, a chance of failure, and crowd fundraising is not a charity. This is where blockchain technology comes in to offset the possible dangers associated with the traditional fundraising approach. By using a decentralized approach to crowd funding, we can completely eliminate any dangers associated with the traditional crowdfunding model.

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Blockchain-Based Crowdfunding: A Trust Building Model

Cited by 15 publications

References 5 publications

Transparent Charity Application and Crowdfunding Using Blockchain

Transparent Charity Application and Crowdfunding Using Blockchain

Medtrust - A Decentralized Model for Medical Crowdfunding Based on Smart Contract Using Etherium

Easy-Starter : An Online Crowdfunding Website Using Blockchain

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