In this world there are many fraudulent crowdfunding platforms which extracts money from investors who are not aware of the usage of money. The platforms do publish fake documents and collect money. These systems lack transparency and it is a client server architecture.
Our proposed crowdfunding platform incorporates blockchain technology for security and accountability. This is achieved by adopting peer-to-peer smart contract based governance where smart contracts implement the core mechanics of crowdfunding. The system impacts or revolutionizes the crowdfunding platform by eradicating a lack of transparency and lack of accountability by the use of decentralized architecture. The initiative(fund raise for a cause) is termed as successful if it collects the designated amount in the stipulated time. Failing to do so, it will be considered as a failure and through backtracking process, the money is returned back to the investors. The initiator needs to furnish the required set of documents and only after verification, the project will be launched. Thus making it transparent and a secure model.
NGO's, Entrepreneures, Drought Crisis, Healthcare, Business organizations, Free lancers and people who are in need of monetary funds.
The use of Blockchain technology in the decentralized platform provides a new dimension to the problem and assures security and transparency for the people. The use of smart contracts and the backtracking method provides all the transactions are kept safe in blockchain and cannot be manipulated. The transactions are done through an in-browser wallet called metamask which includes a secure identity vault, providing a user interface to manage and sign blockchain transactions. The decentralized architecture eliminates the activity of hacking and server shutdown problems in client server architecture. We do eliminate the interference of middleman where there will be direct communication between the initiator and the investor.
India's Sustainable Development
The proposed project increases the trust among people and money is utilized in proper way as there will be no fraudulent activity and it is transparent to everyone. We can eliminate the circulation of black money in these forms as people tend to invest in these ventures through fake websites and communities later transfer it somewhere. With the blockchain technology each and every transactions made are recorded. People who are in need of money are being supported. Business organizations who have innovative ideas to implement but require funds this can be manged by providing funds and helping them to create their project so that many others are benefical from it. NGO's are greatly benefitted from this. The people who suffer in drought places who needs money and other commodities can be taken care by this. We may have it used for innovative projects and new entrepreneurial works which helps in Make in India and the GDP of our country increases.
Indovator is an online initiative where people choose the awardees by supporting them with crowdfunding. It empowers people to choose innovations that can create impact in their lives, and to review innovators solving India's challenges for sustainable development. Friends, family, relatives, colleagues, general public and organisations may donate to support innovators in raising Crowdfunding up to Rs 50,000 per project for testing, refining or piloting their innovation.
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