BlockFund - Leveraging Escrow and Milestone Algorithm for Secure Crowdfunding

Blockchain based crowdfunding allows users to raise money in a strategic manner and allows users to donate small amounts of money in order to help people and financially help their project. It has created a new revolution in the way individuals and organizations raise money for their initiatives. Th...

Full description

Saved in:
Bibliographic Details
Published in2023 3rd International Conference on Innovative Mechanisms for Industry Applications (ICIMIA) pp. 177 - 181
Main Authors Pandiarajan, Aditya, Vaasavi, Chunduru Venkata Lakshmi, Parimala, G.
Format Conference Proceeding
LanguageEnglish
Published IEEE 21.12.2023
Subjects
Blockchain
Campaigns
Crowdfunding
Fraud
Fundraising
Real-time systems
Receivers
Reliability
Security
Smart contracts
Transparency
Online AccessGet full text

Cover

More Information
Summary:Blockchain based crowdfunding allows users to raise money in a strategic manner and allows users to donate small amounts of money in order to help people and financially help their project. It has created a new revolution in the way individuals and organizations raise money for their initiatives. This innovative method allows users to develop a global reach for your project. All the transactions which will be occurring throughout the platform will be recorded and stored in the block. The campaigns that take place in today's scenario are generally not regulated and they turn out to be fraud. This new method brings a new level in the fundraising process and also provides the transparency to participate. It's an easy to use platform and more accessible when compared to the traditional model. It also doesn't consist of any type of risk or cost and is way safer by providing a conventional approach. It provides a transparent platform, where the donor and the receiver, both will be able track the money. In case of BlockFund, the donor will have access over the money that has been donated.
DOI:10.1109/ICIMIA60377.2023.10425876