The Potential of Blockchain Technology in Socially Responsible Crowdfunding Platforms

This paper investigates the use cases for blockchain technology in socially conscious crowdfunding platforms. Platforms for crowdfunding have expanded recently due to the advantages people believe they offer over conventional fundraising sources. However, due to constraints on soliciting investment and worries linked to transparency, dependability, and trustworthiness, pessimism still exists regarding the possibility of the continuing growth of crowdfunding platforms. Crowdsourcing systems are also susceptible to Sybil and distributed denial of service (DDoS) assaults. Additionally, the development of crowdsourcing may need to be improved by the platform's expensive service fees. The newly developed blockchain technology may address several social business issues and be an alternative to current technologies. However, there needs to be more proof of the application of Blockchain in social enterprises. We have built a crowdfunding platform using Blockchain that will revolutionize how socially responsible projects are funded and supported. Following the design science research technique, we close this security & trust gap by conceptualizing, creating, and assessing a social business blockchain-based platform for crowdsourcing. It also shows how Blockchain creates difficulties and doubts while creating exciting new study opportunities.