Crowdfunding using Blockchain Technology: A Review
Blockchain Crowdfunding
DOI:
https://doi.org/10.58260/j.iet.2202.0107Keywords:
Blockchain, crowdfunding, Health care, Smart contractAbstract
Crowdfunding is a method of obtaining money for a project by asking a lot of people for modest donations, usually online. Nowadays, the biggest issue with crowdfunding is the trust component. People are reluctant to donate because of the increasing number of frauds that are occurring today. However, if donors could be assured that their money would be put to good use, donations may rise significantly. The need to employ blockchain in crowdfunding arises here. With the blockchain system, transactions are tracked over a network of computers that are connected to one another. This essay discusses the shortcomings of the present crowdfunding systems in use and makes recommendations for how to make things better.
References
. VIDYA, K., Hussain, H.I., Celestine, V., Kumar, V. and ROBERT, V.N.J., 2022. Security Enhanced Crowdfunding Using Blockchain and Lattice Based Cryptosystem.
. Reichenbach, F. and Walther, M., 2021. Signals in equity-based crowdfunding and risk of failure. Financial Innovation, 7(1), pp.1-30.
. Ashari, F., Catonsukmoro, T., Bad, W.M. and Sfenranto, W., 2020. Smart contract and blockchain for crowdfunding platform. International Journal of Advanced Trends in Computer Science and Engineering, pp.3036-3041.
. Böckel, A., Hörisch, J. and Tenner, I., 2021. A systematic literature review of crowdfunding and sustainability: highlighting what really matters. Management review quarterly, 71(2), pp.433-453.
. Raveena, V. and Sunayana, N., 2022. Challenges of Crowdfunding During Covid-19 Period. Journal of Positive School Psychology, pp.8265-8273.
. Bernardino, S. and Santos, J.F., 2020. Crowdfunding: an exploratory study on knowledge, benefits and barriers perceived by young potential entrepreneurs. Journal of Risk and Financial Management, 13(4), p.81.
. Benila, M.S., Ajay, V., Hrishikesh, K. and Karthick, R., 2019. Crowd Funding using Blockchain. GRD Journals.
. Hartmann, F., Grottolo, G., Wang, X. and Lunesu, M.I., 2019, February. Alternative fundraising: success factors for blockchain-based vs. conventional crowdfunding. In 2019 IEEE international workshop on blockchain oriented software engineering (IWBOSE) (pp. 38-43). IEEE.
. Muneeza, A. and Mustapha, Z., 2020. Application of blockchain technology in crowdfunding to fuel the rise of the rest globally. A Journal of Interest Free Microfinance, 7(1), pp.9-26.
. Amedomar, A. and Spers, R.G., 2018. Reward-based crowdfunding: a study of the entrepreneurs’ motivations when choosing the model as a venture capital alternative in Brazil. International Journal of Innovation, 6(2), pp.147-163.
. Cai, C.W., 2018. Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain. Accounting & Finance, 58(4), pp.965-992.
. Zhao, H. and Coffie, C.P., 2018. The applications of blockchain technology in crowdfunding contract. Available at SSRN, 3133176.
. Gebert, M., 2017. Application of blockchain technology in crowdfunding. New European, 18.
. Sarkar, A., 2016. Crowd Funding in India: Issues & Challenges. Available at SSRN 2739008.
. Zhu, H. and Zhou, Z.Z., 2016. Analysis and outlook of applications of blockchain technology to equity crowdfunding in China. Financial innovation, 2(1), pp.1-11.
. Mollick, E., 2014. The dynamics of crowdfunding: An exploratory study. Journal of business venturing, 29(1), pp.1-16.
. N. Masla, V. Vyas, J. Gautam, R. N. Shaw and A. Ghosh, "Reduction in Gas Cost for Blockchain Enabled Smart Contract," 2021 IEEE 4th International Conference on Computing, Power and Communication Technologies (GUCON), 2021, pp. 1-6, doi: 10.1109/GUCON50781.2021.9573701.
. Malsa, N., Vyas, V., Gautam, J. (2022). Blockchain Platforms and Interpreting the Effects of Bitcoin Pricing on Cryptocurrencies. In: Sharma, T.K., Ahn, C.W., Verma, O.P., Panigrahi, B.K. (eds) Soft Computing: Theories and Applications. Advances in Intelligent Systems and Computing, vol 1380. Springer, Singapore. https://doi.org/10.1007/978-981-16-1740-9_13
. Pathak, S., Gupta, V., Malsa, N., Ghosh, A., Shaw, R.N. (2022). Blockchain-Based Academic Certificate Verification System—A Review. In: Shaw, R.N., Das, S., Piuri, V., Bianchini, M. (eds) Advanced Computing and Intelligent Technologies. Lecture Notes in Electrical Engineering, vol 914. Springer, Singapore. https://doi.org/10.1007/978-981-19-2980-9_42
. Pathak, S., Gupta, V., Malsa, N., Ghosh, A., Shaw, R.N. (2022). Smart Contract for Academic Certificate Verification Using Ethereum. In: Shaw, R.N., Das, S., Piuri, V., Bianchini, M. (eds) Advanced Computing and Intelligent Technologies. Lecture Notes in Electrical Engineering, vol 914. Springer, Singapore. https://doi.org/10.1007/978-981-19-2980-9_29
. Malsa, N., Vyas, V., Gautam, J., Shaw, R.N., Ghosh, A. (2021). Framework and Smart Contract for Blockchain Enabled Certificate Verification System Using Robotics. In: Bianchini, M., Simic, M., Ghosh, A., Shaw, R.N. (eds) Machine Learning for Robotics Applications. Studies in Computational Intelligence, vol 960. Springer, Singapore. https://doi.org/10.1007/978-981-16-0598-7_10
. N. Malsa, V. Vyas, J. Gautam, A. Ghosh and R. N. Shaw, "CERTbchain: A Step by Step Approach Towards Building A Blockchain based Distributed Appliaction for Certificate Verification System," 2021 IEEE 6th International Conference on Computing, Communication and Automation (ICCCA), 2021, pp. 800-806, doi: 10.1109/ICCCA52192.2021.9666311.
. Malsa, N., Vyas, V. & Gautam, J. RMSE calculation of LSTM models for predicting prices of different cryptocurrencies. Int J Syst Assur EngManag (2021). https://doi.org/10.1007/s13198-021-01431-1
. Ankita A. Malve,Shweta M. Barhate,Satish J. Sharma"Trusted Crowdfunding Using Smart Contract", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 6, page no.371-375, June-2022
. Gutsche, J., &Sylla, S. (2018). Success factors of crowdfunding projects on the kickstarter platform. In German-Turkish Perspectives on IT and Innovation Management (pp. 361-374). Springer Gabler, Wiesbaden.
. Alexa Böckel& Jacob Hörisch& Isabell Tenner, 2021. "A systematic literature review of crowdfunding and sustainability: highlighting what really matters," Management Review Quarterly, Springer, vol. 71(2), pages 433-453, April.
Published
How to Cite
Issue
Section
Categories
License
Copyright (c) 2023 Global Journal of Innovation and Emerging Technology (IET) [ISSN:2583-4401]
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.