Decentralized Crowdfunding on Blockchain: A Promising Path to Sustainable Economic Growth
Decentralized Crowdfunding on Blockchain: A Promising Path to Sustainable Economic Growth |
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| © 2024 by IJETT Journal | ||
| Volume-72 Issue-2 |
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| Year of Publication : 2024 | ||
| Author : Harshita Mishra, Keshav Mishra, Jaideep More, Radhika Kotecha |
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| DOI : 10.14445/22315381/IJETT-V72I2P112 | ||
How to Cite?
Harshita Mishra, Keshav Mishra, Jaideep More, Radhika Kotecha, "Decentralized Crowdfunding on Blockchain: A Promising Path to Sustainable Economic Growth," International Journal of Engineering Trends and Technology, vol. 72, no. 2, pp. 99-106, 2024. Crossref, https://doi.org/10.14445/22315381/IJETT-V72I2P112
Abstract
Blockchain and decentralized technologies, in alignment with Sustainable Development Goal 8, enhance traditional economic interactions. Crowdfunding helps stabilize the financial system by diversifying and broadening the loan market while also fostering long-term entrepreneurship, a key driver of global economic growth. This work aims to identify inconsistencies in the crowdfunding market and eradicate them by combining smart contracts in a trustless decentralized application built on Ethereum – an open-source Blockchain. The proposed technique highlights the potential of decentralized crowdfunding applications to minimize market inefficiencies by eliminating third parties and simplifying transactions on secondary marketplaces. With state-of-the-art Blockchain technology, the implementation results have demonstrated promising results in achieving the stated objectives.
Keywords
Crowdfunding, Blockchain, Decentralization, Economic growth, Ethereum, Sustainable development goals.
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