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by Shikha Maheshwari, Muralidhar Chavan | Published September 9, 2019
This developer code pattern demonstrates using Hyperledger Fabric to build a network to support blockchain-enabled crowdfunding. Crowdfunding is one of the quickest, easiest ways to gather a large amount of money through donations from supporters, but crowdfunding events have an increased the likelihood of fraud, so blockchain can be used to help build trust and transparency among the participants.
Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. It’s one of the quickest, easiest ways to gather a large amount of donated money. There are several types of crowdfunding (donation-based, rewards-based, debt, equity), but not all types are regulated by government organizations like the United Kingdom’s Financial Conduct Authority.
Crowdfunding has many benefits, but it also comes with a substantial risk of fraud — as well as a number of potential risks, such as loss of money, locked-in investment, lack of income, and lack of information. Many people worry about being scammed by fraudulent requests due in large part to crowdfunding’s lack of transparency and trust. There have been few reported cases of fraud in crowdfunding — particularly when compared to the overall number of transactions and amounts involved — but as the number of crowdfunding platforms grows, so does the risk that platform operators themselves may engage in or enable fraud.
This code pattern showcases blockchain-enabled crowdfunding by showing you how to use a Hyperledger Fabric network to build a platform to aid crowdfunding. This network provides a holistic view of the requirement and its current status, which helps to address the need more efficiently, and reduces the problems of over-collection or under-collection for a need. All of this means that the platform creates trust, accountability, and operational transparency.
The steps will show you how to:
Ready to get started with blockchain-enabled crowdfunding? Check out the README for detailed instructions.
Learn step-by-step how to set up a basic blockchain network with the IBM Blockchain Platform.
Learn how to connect a TLS-enabled Hyperledger Fabric Network using Fabric Java SDK.
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