Crowdfunding is a financing method that involves funding a project with relatively modest contributions from a large group of individuals, rather than seeking substantial sums from a small number of investors. This Crowd-Funding platform powered by blockchain technology eliminates the need for a middleman third party in a number of ways, enhancing and supporting the practice.
Increased security in hostile environments is just one of the many advantages that blockchain technology offers in a wide range of industries. Blockchain is a linked list that employs Hash Pointers rather than regular pointers. This allows each blockchain node to not only locate the next node but also verify whether the data in that node has changed. This blockchain-based crowd-funding system can receive funding. Anyone with an internet connection can use this system.
In Crowd-Funding System, to log in to the system the admin can log in with a username and password. The admin has access to the company’s information as well as all previous and pending projects. Additionally, the admin has the authority to accept or reject the project proposal.
The admin can view all the projects that have been approved, filter them by category or domain, and view investor transactions from this platform (along with a status indicating whether the transaction was manipulated). A list of all rejected projects can be viewed, along with information about the project and the company. In the transaction, a list of approved projects is displayed along with details about whether or not they tampered with the crowdsourcing process. The admin can view the list of registered users and their information.
For users to access information, they have to register their account and log in using a username and password. The user has access to the list of projects for which they want funding. They can view transactions by investors from this platform with a status of whether the transaction is manipulated and apply filters by domain or category, project and company details, and more. Invest the money; if even one transaction is discovered to have been manipulated, investing will not be permitted by the system.
- In this blockchain-based system, data is recorded and stored in blocks that are arranged chronologically and connected by cryptographic proofs.
- Blockchain technology has many benefits in a variety of industries, including increased security in environments where there is no trust.
- It prevents data tampering.