Securing Crowdfunding Platforms: Implementing Blockchain for Fraud Detection

Abstract

Crowdfunding is an online fundraising procedure that was originally designed to allow members of the public to
contribute small sums of money to support creative people's projects. Crowdfunding uses blockchain technology
to provide consumers with smart contracts. This allows us to deliver crowdfunding in a safe, open, and transparent
manner. This project aims to create interactive forms for campaign development and financial contributions. This
system allows campaign creators and contributors to view or submit requests for approval, as well as construct
and support their initiatives. Furthermore, the donor may be able to monitor the utilization of the funds they
donate. Every transaction will be recorded as blocks on the blockchain and monitored accordingly. The use of
smart contracts in the blockchain is tempting. A blockchain-based agreement must be created, carried out, and
enforced by untrustworthy members without the intervention of a trustworthy third party. Developing blockchaincompatible executable code is critical. Blockchain was initially used primarily as the foundation for
cryptocurrencies, but it has since spread to a variety of other enterprises. Blockchain technology is expected to
become the most widely used green method of conducting internet transactions. Blockchain technology is
employed in a variety of applications, including crowdfunding sites. The biggest difficulty confronting the global
crowdfunding industry today is a lack of strong control over campaigns, as some attempts at crowd investing have
proven fraudulent. This work aims to address these issues by ensuring that initiatives may be added within the
given time frame, eliminating fraud, and allowing contracts to be fully mechanically executed using Ethereum
smart contracts on the crowdfunding site.