A Review Paper On: Integrating Transparency and Security to Revolutionize Crowdfunding Using Blockchain Technology

Abstract

Crowdfunding has become a revolutionary way of raising funds by allowing people and organizations to raise funds from numerous supporters using web-based platforms. That aside, conventional crowdfunding platforms are typically beset with serious issues, such as poor transparency, security threats, and fraud threats that may ruin trust among funders and project developers. Blockchain provides a secure and decentralized way by capitalizing on its intrinsic properties like immutability, transparency, and smart contracts. Crowdfunding can be ensured to be secure, tracking of funds can be done in real time, and the project sponsors can be made more confident about the fundraising process by implementing blockchain technology. What has been provided here is some available literature on crowdfunding and applying blockchain technology in order to identify gaps in current crowdfunding platforms and where blockchain can offer cost-effective solutions. We quote past research with examples of fraud, misuse of funds, and no accountability in classical crowdfunding models. Together with that, we look into research works that exhibit how blockchain-based crowdfunding websites are able to ensure better security, fund transfers by smart contracts automatically, and maintain an open platform. By combining information from a variety of research pieces, we give a holistic overview of how blockchain will transform crowdfunding by developing a secure, trust-based, and decentralized platform for both funders and creators.