Better Fund: Crowdfunding Platform by Blockchain

Inspiration

problem statement of our project is Crowdfunding is one of the most popular ways to raise funds for any project, cause or for helping any individual in need. With the onset of corona we have seen a rise in Crowdfunding activities across the globe which includes small campaigns to help people get oxygen and medical help to large funds such as PM Cares. also for any charity, or any social activity, business etc.

What it does

The aim to have a transparent, anti-fraudulent, decentralized platform has been achieved to a great extent. This project has covered the weak points of general crowdfunding platforms to provide transparency to the process of crowdfunding and build trust among people, so that they may contribute their wealth to good causes without fear of fraud.

How we built it

we design smart contract system which is intermediate between contributors and manager, so contributors has no need to send money to manager they can send their money to smart contact system, where their money remains safe. and then manager has to take permission from contributors to use their money for any their purpose if contributors give permission then only manager can take money or No funds can be withdrawn without the approval of at least 50% of the approvers. manager of company or organization set target means how many money needs for project, also set deadline or minimum contribution etc. or if target or deadline don't met means we cross our deadline and we don't get money that we set for our project in this case contributors can take their ethers from contract system. before deadline contributors cant take their ethers(money) that they donate.

Challenges we ran into

before build up this smart contact system people feel afraid about their money also sometimes they get fraud. but now this system become middle between them so now contributors money remains safe.

Accomplishments that we're proud of

The major problems with the Current Crowdfunding Platforms that we wanted to solve were : Security : As the funds become larger, they need to be heavily secure, although stringent measures such as symmetric encryption are in place to make e-payment safe and secure, it is still vulnerable to hacking. Blockchain — which has never been compromised yet — can provide that level of security.

Transparency and Anti-Fraud : We have seen, and continue to see a lot of crowdfunding scams happening around. There is no way to see where the funds are being used. We wanted to make the entire flow of funds transparent at every stage, so that there is no possibility of the money being misused.

Global contribution : With some of the platforms being country specific, it becomes hard for people from other countries to contribute to various campaigns. Using blockchain anyone in the world can contribute to the campaign. Transactions are quick and convenient.

What we learned

It is to be a ReactJS based application, which will be supported by any web browser. Crowdfunding over the years has helped people but has also seen heavy frauds in the name of Crowdfunding. With Better fund we want to bring transparency to the process of crowdfunding and build trust among people to contribute to all the causes.