SUPPORTROOPS: CROWDFUNDING USING BLOCKCHAIN
Author(s):
Parnika Roy, Abhinav Pandey, Moiyad Kaydawala, Himanshu Jaroli, Bindu Garg
Keywords:
Crowdfunding, Cryptocurrency, Blockchain, Ethereum, Smart Contracts.
Abstract
After the COVID-19 pandemic hit across the globe, the economy of most countries got tampered. Since then, online engagement is at its peak and people discovered social media as a new weapon to invest and promote their business and skills. This led to the advancement of a potential concept of funding, known as crowdfunding. Crowdfunding is an online fund- raising system that started as a route for common society to give modest quantities of cash to help innovative people, start-ups, NGOs, charity to fund their activities. Crowdfunding these days mostly raise funds for business start-ups, because it is relatively inexpensive and uncomplicated in nature. The use of social media platforms to connect investors with entrepreneurs is used to raise capitals. Hence, social media and internet plays a vital role in raising funds through such a medium. Blockchain as we know is the foundation of cryptocurrency. In the future most technologies around the world are expected to use blockchain to make secure online transactions. Crowdfunding is one such area where blockchain can be applied so that the common problems people are facing with regards to crowdfunding such as frauds and non-regulated campaigns can be resolved.
Article Details
Unique Paper ID: 155874

Publication Volume & Issue: Volume 9, Issue 2

Page(s): 402 - 405
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