Literature Review of Crowdfunding Blockchain
S.P. Khandait1, Yash Khapre2, Pravin Varma3, Prabuddha Wasnik4, Rahul Barekar5
1Department of Information Technology, KDK College of Engineering, Nagpur, Maharashtra, India
sunanda.khandait@kdkce.edu.in1
2Department of Information Technology, KDK College of Engineering, Nagpur, Maharashtra, India
Yashkhapre45@gmail.com2
3Department of Information Technology, KDK College of Engineering, Nagpur, Maharashtra, India
vermapravin04@gmail.com3
4Department of Information Technology, KDK College of Engineering, Nagpur, Maharashtra, India
prabuddhawasnik463@gmail.com4
5Department of information technology at KDK college of engineering, Nagpur, Maharashtra, India
barekarrahul36@gmail.com5
ABSTRACT
Crowdfunding has emerged as a popular alternative financing model for startups, entrepreneurs, and creative projects. However, the traditional crowdfunding model is plagued by issues of transparency, accountability, and high intermediation costs. The advent of blockchain technology has opened up new opportunities for addressing these challenges by leveraging the unique features of blockchain, such as decentralization, transparency, and security. In this literature review, we examine the current state of research on blockchain-based crowdfunding platforms, with a focus on the use of smart contracts for fund allocation, automated voting mechanisms for decision-making, and the potential for increased transparency and reduced intermediation costs. We review and synthesize the findings of 12 recent papers on this topic, including those on blockchain-based crowdfunding systems for supply chain management, healthcare, big data, and the Internet of Things. We identify key themes, opportunities, and challenges for the implementation of blockchain-based crowdfunding systems and provide insights for future research and practice. Overall, this review highlights the potential of blockchain technology to transform the crowdfunding landscape and create more transparent, democratic, and secure financing models for startups and entrepreneurs.
Keywords: Crowdfunding, Blockchain, Smart contracts, Decentralization
