Blockchain based crowdfunding systems

Md Nazmus Saadat, Syed Abdul Halim, Husna Osman, Rasheed Mohammad Nassr, Megat F. Zuhairi

Abstract


Initially, blockchain is only used as a foundation of cryptocurrency, but today, we can see the rise of this new emerging technology are being implemented in many industries. In the future, most technologies around the world are expected to use blockchain as an efficient way to make online transactions. One of the areas that blockchain technologies can be applied is crowdfunding platforms. The most common problem with current crowdfunding scene in around the world including is that the campaigns are not regulated and some of the crowd-funding campaign turned out to be fraud. Besides, the completion of some projects also was significantly delayed. This project aims to solve these problems by applying Ethereum smart contracts to the crowdfunding site to that the contracts will be fully automatically executed, thus preventing frauds and ensuring that the projects can be delivered within duration given.


Keywords


Blockchain; Crowdfunding; Malaysia; Smart contracts



DOI: http://doi.org/10.11591/ijeecs.v15.i1.pp%25p
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