Crowdfunding Fraud Prevention using Smart Contracts
Akshay Kumar, Jhanvi Lamba, Bharat S. Rawal, Mithileysh Sathiyanarayanan, Nelson Alvarez
Abstract
Crowdfunding is the method of generating money for a project or company by soliciting contributions from many individuals, typically online. For the people engaged in getting these monies, trust is crucial. Therefore, this research will aid in the analysis of how to integrate smart contracts and Blockchain technology into the prevalent crowdfunding process schemes. Because it makes it simpler for consumers to hold digital assets and data, blockchain is crucial. It is a worldwide distributed digital ledger that, in addition to using trusted and dependable technology, guarantees transparency for all network participants. Smart contracts have a number of benefits, including quicker transaction times, enhanced security, quicker money transfers, and better liquidity. The most significant benefit of the platform is the increased visibility of the project, which helps all stakeholders, including the creators, backers, and administrators of the platform.