Indonesian Journal of Electrical Engineering and Computer Science
Vol 15, No 1: July 2019

Blockchain based crowdfunding systems

Md Nazmus Saadat (Universiti Kuala Lumpur)
Syed Abdul Halim (Universiti Kuala Lumpur)
Husna Osman (Universiti Kuala Lumpur)
Rasheed Mohammad Nassr (Universiti Kuala Lumpur)
Megat F. Zuhairi (Universiti Kuala Lumpur)



Article Info

Publish Date
01 Jul 2019

Abstract

Initially, blockchain is only used as a foundation of cryptocurrency, but today, we can see the rise of this new emerging technology are being implemented in many industries. In the future, most technologies around the world are expected to use blockchain as an efficient way to make online transactions. One of the areas that blockchain technologies can be applied is crowdfunding platforms. The most common problem with current crowdfunding scene in around the world including is that the campaigns are not regulated and some of the crowd-funding campaign turned out to be fraud. Besides, the completion of some projects also was significantly delayed. This project aims to solve these problems by applying Ethereum smart contracts to the crowdfunding site to that the contracts will be fully automatically executed, thus preventing frauds and ensuring that the projects can be delivered within duration given.

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