Blockchain Based Crowdfunding Platforms - Exploratory Literature Survey

Abstract

Producing quality content requires large investments. Crowdfunding platforms can be used by content creators to raise funds. The traditional way of crowdfunding involves a level of risk as users have no control over the money they’ve invested. The adoption of blockchain technology in the crowd- funding system will aid in the prevention of fraud, the elimination of middlemen, and the improvement of the present crowdfunding systems’ transparency and security. Proposed implementations of blockchain based crowdfunding platforms have used smart contracts to handle fund spending and voting mechanisms to ensure the contributors funds are not misused. Presently, for creatives, a blockchain based platform that can not only ensure safe and decentralized crowdfunding but also provide a marketplace for their funded creations, doesn’t exist.