SECURE AND TRANSPARENT CROWDFUNDING USING BLOCKCHAIN

Abstract

Crowdfunding is the practice by which an individual or an organization can raise funds for a project, where a large number of people contribute small amount of money, typically via the internet. In today's world whenever an entrepreneur wants to implement his idea into the real world, he needs some money to bring his idea to life. Earlier when crowdfunding platform were not available the entrepreneur were able to target only a limited number of people for funding of the project also it was very difficult for them to reach out to the people who can fund the project. Now a day's a number of crowdfunding platform like Kickstarter exists which allows the entrepreneur to post their ideas on the platform where backers can see the project and can contribute some amount of money to that project. These crowdfunding platforms made it easier for the entrepreneur to reach out to a large crowd worldwide who can support their project. In the existing crowdfunding system, despite having many advantages there are some problem related to these systems such as charging a huge amount of money for maintenance, transparency in the system, and trust. Our application can remove these problems related to the existing crowdfunding system by providing a more transparent system where every transaction can be stored on the blockchain using the Smart Contracts.