Securing Crowdfunding using Blockchain and
Internet of Things
Dinesh B S
School of Computer Science and Engineering
Vellore Institute of Technology
Vellore, India
(dineshb.s2019@vitstudent.ac.in)
Abstract— In recent years, we have seen a huge boom in the
start-up ecosystem. India is the 2nd largest start-up ecosystem in
the world. There were about 1400 tech start-ups from India in
2016 alone. Exceptionally good ideas get funding from the Angel
investors and VCs at an early stage. But, due to a large number
of rising start-ups, it has become hard and less feasible for
investors to invest in the new companies at an early stage. This is
where Crowdfunding comes into place. Anybody with a good
idea who is looking for funds can create a campaign on one of
these crowdfunding websites. People who are interested in the
product can contribute to it in return for a discounted product or
early investor benefits at a later point in time when the business
is successful. But, these companies never really monitor if the
campaign creator is not faking a campaign just to make money
and run away. There is a very famous company called
Kickstarter which is known for having many such fraudulent
campaign creators. Even though Kickstarter helped many start-
ups grow, there has to be a way to a credible way to decide if a
particular campaign creator is fraudulent or not.
This is where this idea proposed in this paper comes in and I use
IoT with Blockchain to provide very high security. Whenever a
contribution is made, an IoT device will notify the entrepreneur.
The campaign creator can only retrieve the contributed funds in
stages. The different stages can be to get the raw materials, sign a
contract with the product manufacturer, etc. Every time a
certain money request for a stage is created, the person has to
upload valid proof (this can be a document image) for the
contributors to look at. At least 50% of the contributors have to
vote positively in order to approve the campaign creator’s
request for funds. The person will be notified through an IoT
device (emits light, some sound, or a simple beep) when the
necessary voting is completed. According to us, letting the
contributors decide whether the person is fraudulent or not is the
best way. This also encourages the entrepreneur to work hard.
We also have a feature to allow any contributor to retrieve funds
invested if the person thinks that the project is going to be a
failure. This will refund the proportion of funds invested with
respect to the funds remaining. All of the data and transactions
happen in the Blockchain which is highly secure. The data in the
Blockchain is immutable and the transactions happen in a trust
less manner without involving any central authority. Smart
contracts are used whose code, once deployed cannot be changed
because of Blockchain’s consensus mechanism. This is how
Blockchain can be used with IoT applications that involve high-
security needs.
Keywords— Blockchain, IoT, secure, crowdfunding, smart
contracts
I. INTRODUCTION
Crowdfunding is an idea that allows anyone to contribute
money for a start-up that they believe will succeed. The ideas
that get a lot of attention are the ones with great ideas. Should
the start-up be successful, the contributors are the ones who
get the early benefits of the products they invest in, for
example, a 30% discount. This is the incentive that the
contributors have to invest in a particular business.
Internet of Things (IoT) describes physical objects that are
embedded with sensors, software, processing ability, and other
technologies that are used to effectively communicate between
devices. This is a highly booming technology and there are a
lot of use cases to detect and alert an individual through an
IoT device when a certain event triggers in any software.
Blockchain is a decentralized ledger of transactions and data
that are stored in every node in the network. The data is
immutable because of the fairly complex consensus
mechanisms that it uses to add a new transaction to the
blockchain. It is highly secure and there is no need to trust a
central authority.
A smart contract is a piece of code that lives on the blockchain
and it is immutable. This code once deployed, cannot be
changed and hence can be trusted to execute the way it is
written forever. Ethereum is the first Blockchain to introduce
smart contracts and it is the Blockchain that we are interested
to go with this project.
One of the most popular websites that implement
Crowdfunding is Kickstarter. This website is known for many
of its successful campaigns, but also known for many scams or
unreliable start-ups with no intention of succeeding (their
main intention is to get away with the contributed money).
The main aim of this project is to solve this issue of scams and
make sure that the contributors’ money is safe. We use IoT
and Blockchain technology to provide very high security and
timely alerts to entrepreneurs regarding any important updates.
The purpose of Blockchain is to implement the security
feature of handling the contributed money and make trust less
transactions. Another use case is to allow the contributors to
decide how and when the entrepreneur can use their money.
The IoT device will alert the entrepreneur every time someone
contributes towards their project so that they will be able to
know when and how to proceed with the stages related to the
business. Voting takes place whenever the entrepreneur wants
to withdraw funds for any specific stage, for example, signing
a contract with a manufacturer. Once at least 50% of the
contributors vote for the proposal, an IoT device will be used
again to trigger an alert.
II. RELATED WORK
Some of the previous work done by others is mentioned
here in this section. All the sub-sections A-F are research
papers along with their review on what they are doing.
A. Sustainability of Rewards-Based Crowdfunding: A
Quasi-Experimental Analysis of Funding Targets and
Backer Satisfaction
This paper performs an analysis on the crowd funding
mechanism that platforms like Kickstarter are currently using.
These platforms are using AON i.e., “all or nothing” based
crowd-funding, with an ecosystem having 2 significant
entities: creators and backers/investors. The authors have
used an extensive data-set of over 3 lakh campaigns from the
Kickstarter platform, & the main parameters observed were:
how creators set their resp. Funding targets & Backer
satisfaction with their invested campaign.
The proposed work involves the use of a quasi-experimental
(QE) research design which is reflective of the computational
social science methods which involves analysis of big data
and various causal decisions impacting businesses. General
observations made during these campaigns have been that the
goal setting by creators is mostly based on similar products
that have been campaigned in the recent weeks or months, and
Investors mostly look for high-reward favouring campaigns.
The results observed were as follows: -
• Campaign creators setting lower fund targets (than
the avg. product category) were found to have 18%
more success in completing their campaign.
• Backer satisfaction was observed to be 3% lesser
when the targets were set lower & have been
observed to be more short-term reward oriented from
their investment than the long term.
• A metric for comments posted during the funding
period was found to be insignificant to target funds
as well as backer satisfaction.
• Interestingly, when campaigns are overfunded within
a certain range, there is a higher likelihood of backer
satisfaction.
• More experienced creators were likely to satisfy
backers, as there is a credibility involved with the
campaign with previous results.
(However, there lie significant risks from an investor
perspective where they have no legal recourse over campaign
rewards, quality, delivery etc. & this also has led to many
fraud campaigns where the creators got away with funding
without rewarding the backer.)
It concludes that the platforms with AON crowdfunding
method are linked to falling investor satisfaction & a more
refined approach should replace AON funding.
B. A Duration-based Model of Crowdfunding Project
Choice
This paper analyses the effect of duration on a crowdfunding
project in order to derive the most optimal funding decision.
Crowdfunding (CF) referred here is based on the “all or
nothing” - AON model which is used by famous platforms
like Kickstarter. A dynamic programming approach is used in
order to model the dynamics of crowdfunding from both the
investor and creator’s perspective.
The proposed method enables investors to make a decision
between immediate funding or waiting for some time (waiting
period) to yield the waiting value (an expected discounted
value after waiting for a certain period). Between each
opportunity a probability distribution is computed and it is
compared with the returns on image and funding compared to
waiting it out and going for the waiting value, & whichever
option seems to give a higher probabilistic return value, the
investor is advised to go for it. To provide such information an
understanding of two important parameters: the funding target
and relative utility of the project, is required.
The decisions are taken based on the below matrix: -
Low utility Medium utility High utility
Low Short duration Medium duration Long duration
target
Medium Unfeasible Medium duration Long duration
target
High Unfeasible Unfeasible Long duration
target
This framework will definitely help the investors in making
the correct choice amongst waiting, investing or skipping the
project entirely for other promising prospects, but it will also
help the platform managers to set optimal durations for these
projects and also helps the creators design the parameters for
their projects, so that they can achieve maximum funding.
One limitation of this model is that it will always rule out the
high capital-intensive projects that include heavy machinery
high-tech research for example - bio-tech, quantum-physics
etc.
C. Voice of Charity: Prospecting the Donation
Recurrence & Donor Retention in Crowdfunding
This paper focuses on a major issue of crowdfunding
platforms - high donor attrition rate. It proposes a unique JDS
(joint deep survival) model that will help us to analyse the
factors and then predict the donor behaviour. This model
mainly focuses on two factors of donation recurrence and
donor retention & also tries to integrate (seemingly unrelated)
factors like social contracts, motives of donors and projects
previously they have donated for. It is a Machine-learning
based model which will help us predict the event (donor
attrition) based on various inputs provided by us.
Survival analysis, a sub-domain of statistics, has been used in
order to get output duration till donor attrition. We combine
these inputs with a deep learning model like CNN
(convolution neural network) having many convolution &
max-pooling layers, train this model to predict the two
variables - donation recurrence & donor retention.
The results performed with JDS are compared with other
standard models for each task.
Task-1: Donation recurrence
• M-L2,1 - multi-task learning model with L2,1 norm
penalty.
• M-LASSO - multi-task learning model with LASSO
norm penalty
• JDS-Y - JDS variant with only 1 level prediction for
donation recurrence.
Task-2: Donor retention
• COX - a widely used semi-parametric survival
model.
• Logistic - parametric survival model for log & log-
logistic type of distribution.
• Tobit - a regression model (with censoring) to get
linear relations between variables.
• CDT - multi-task survival analysis framework
• JDS-S - JDS variant obtained after connecting the
final output to rep. Component (circumvents the
donor recurrence level)
Results obtained after comparison of various models reveal
that: -
• The JDS model is overall better than the JDS-Y in
the training phase.
• As for task-1 prediction, JDS & JDS-Y perform
significantly better (20-70%) than other standards
due to their ability to handle various heterogeneous
& inter-connected features.
• JDS also dominates JDS-S on task-2 predictions due
to the optimization it gets by incorporating task-1
features.
Hence concluding that the JDS approach can be further looked
into for better analysis of crowd-funding platforms especially
for donor retention & donation recurrence related topics.
D. An Exploratory Study of Smart Contracts in the
Ethereum Blockchain Platform
This paper delves into the topic of smart contracts that are
being implemented on the Ethereum blockchain platform, &
they are being used in crowdfunding initiatives and have
raised millions of dollars in 2018. This paper focuses on a
broader perspective of how smart contracts are being used,
what they do and the complexity of their source code. The
dataset has been gathered on Ethereum from various sources
like Google BigQuery, Etherscan, CoinMarketcap and state of
DApps & the time-frame chosen is 2015-2018.
Smart Contracts - “a smart contract is a computerized
transaction protocol that executes the terms of a contract.”
Ethereum supports smart contracts because it is a
Programmable blockchain like Bitcoin and we can use these
smart contracts for various general-purpose computations -
meaning we can both host & execute smart-contracts on
Ethereum network. There are applications which run their
backend code in a decentralized manner using smart-contracts,
these are referred to as DApps (Decentralized Applications).
Their research has answered many questions, some of which
are important from the perspective of crowd-funding: -
• Games, Crypto Exchanges & Gambling are currently
the highest users of high-activity verified smart
contracts.
• The source code of high-activity contracts is
relatively small, with a higher degree of complexity
but is also extremely well documented.
• Most of the smart contracts are used in Crypto
Exchanges, Crowd-funding etc. - meaning it is still
constrained towards token management. These are
called Token contracts & Mintable Token Contracts
(e.g. Bitcoin), a type of smart contract that defines a
specific amount of token and can keep track of its
balance across different user accounts. (ERC20 &
ERC721 interface contracts)
E. The Role of Blockchain Technology-based Social
Crowdfunding in Advancing Social Value Creation
Crowdfunding has shown to be an effective way for acquiring
funds from a wide range of individuals. It is a fund-raising
system for new businesses and innovative projects.
Crowdfunding allows individual investors who are not
professionals to participate in new ventures at an early stage
of development. Individuals, social businesses, and social
ventures that are developing solutions to social problems but
are unable to access regular financial channels such as banks
or investment funds are eligible for SCP funding.
SCPs have seen a considerable surge in the number of social
entrepreneurs and projects seeking funding. Three cases of
crowdfunding platforms that have gradually embraced
blockchain technology in their operations and transaction
procedures are presented in this exploratory study. Multiple
case studies can provide more reliable results than a single
case study since they can indicate if the findings are exclusive
to a single example or more generalizable. The capacity to
compare findings from different examples to develop
hypotheses beyond the limiting settings of a single case is
another advantage of the multiple case technique.
The case studies chosen are world-first blockchain-based
crowdfunding platforms that primarily support social and
environmental causes. To make their transaction processes
easier, these SCPs have invested in blockchain technology.
The chosen SCPs have acquired technological maturity and
have begun developing blockchain-based apps for recording
and validating transactions, data, and project progress.
The adoption of blockchain technologies broadens the reach
of these SCPs, with the usage of cryptocurrency allowing
these platforms to circumvent some financial rules and attract
international consumers. Regardless of international borders,
these SCPs can promote social projects and receive
contributions from investors or donors. The use of blockchain
technology can assist minimise commission fees and
operational costs, as well as transaction fees and wait times
associated with financial intermediaries. Such applications
take up dollars and time that would otherwise be spent on
third parties, enhancing the SCP's ability to create societal
benefit.
F. Disruption of financial intermediation by FinTech: a
review on crowdfunding and blockchain
This article reveals gaps in Economics and Finance research
related to two FinTech applications: crowdfunding and
blockchain, based on a systematic evaluation of influential
publications among 402 papers published between 2010 and
2018.
Wealthfront, which launched in 2008 and provides online
automated investment services; Kickstarter, which launched in
2009 and introduced the reward-based crowdfunding
platform; and Bitcoin, which launched in 2009 and intends to
reform mobile payment systems, are all examples of FinTech
3.0. The $100 million FinTech venture capital fund of
Santander Group, Oliver Wyman, and Anthemis Group argue
that FinTech 2.0 is capable of rebooting financial services in
another study dubbed 'The FinTech 2.0 Paper.' Arbor
Ventures, another venture capital firm, divides FinTech into
two phases.
Cryptocurrencies and blockchain, new digital advising and
trading systems, artificial intelligence (AI) and machine
learning, equity crowdfunding, peer-to-peer (P2P) financing,
and mobile payment systems are all examples of FinTech
advances, according to Philippon (2016). The major goal of
this study is to improve understanding of FinTech by
identifying knowledge gaps and development in relevant
finance research.
FinTech research is dispersed, and our knowledge of FinTech
applications is still restricted. We are currently witnessing the
transformation of financial intermediation as a result of
FinTech's rapid expansion, with established intermediaries
adopting new techniques and new intermediaries emerging.
These established and new intermediates are either competing
or collaborating. Industrial practices are changing at a far
faster rate than our academic understanding, resulting in novel
occurrences that can't be adequately described by previous
research. We are laying the groundwork for a new era in the
financial business, but we have very little research to back us
up.
Existing research on crowdfunding fails to answer whether
and to what degree peer-to-peer platforms can truly
distinguish themselves from traditional financing methods.
Information asymmetry is one of the most persistent
challenges in peer-to-peer platforms; it would be fascinating
to see how we may use blockchain innovation in peer-to-peer
platforms to address this issue. Innovative payment programs
like PayPal did not receive much attention in the financial
business a decade ago. All aspects of financial services are
affected by technological influences.
III. PROPOSED METHODOLOGY
Here, I will discuss the methodology that I am using and
how it is better and secure compared to the other ones that
implement crowdfunding functionalities.
As we know, Crowdfunding is a concept that is used to
allow anyone in the world to fund for a project idea or
business idea that they think will succeed. This is a very
strong concept and anybody can come up with a great idea no
matter what their background is. It’s just that the person
should have a great and convincing idea along with
presentation skills with an optional demo of the product.
Sometimes, crowdfunding is also used by new businesses for
a new funding round that enables them to scale better. In any
crowdfunding-based business, the contributors are offered
with a certain benefit or reward for their contribution, but only
if the product or whatever the business is building is Another important feature is that the contributors, once they
successful. This can be a 50% offer for the product before the lose the hope that the business will be successful or that they
production release or it can be some other benefits. get to know about the negative intentions of the campaign
creator, they can retrieve the funds that they contributed from
There is a website as already mentioned in the previous the campaign and move on. Obviously, the entire amount
section known as Kickstarter. It is a very famous website that contributed cannot be returned if some amount of money has
implements crowd-funding based features like we discussed already been retrieved by the campaign creator for one or
above. It is a completely centralized application and the huge more stages. But, for the amount of contributed amount
sum of money that it handles is often not their own but also remaining in the contract, the proportion of which they
the contributors. With new forms of security threats emerging initially contributed can still be retrieved from the contract.
every single day, it is important that we move to a
decentralized approach of doing this to ensure high security. IoT is used for alerts that are sent to the campaign creator
Kickstarter is famous not only for its successful campaigns and users in the platform. For example, when at least 50% of
but also for its fraudulent ones. the voting for any request is done, then the campaign creator
will be notified using an IoT device.
People with just the intention of making money without
actually working on the business also create campaigns. They IV. IMPLEMENTATION
come up with a really good idea with a great presentation just In this section, I’m going to discuss how this idea of mine
to convince the people to contribute for their campaign. After can be implemented. As already mentioned, the idea is to use
the campaign is successful, they just run away with all the Blockchain for securing all the transactions that are done in
money or even if they don’t, they just don’t have the intention the application. Everything is decentralized. The application is
to make any progress and give lame excuses regarding why called a Decentralized application.
their business was not successful. This is one of the main
reasons for me to come up with this idea where the entire Ethereum is one of the most famous blockchains out there
application based out of this should be decentralized using IoT and it is the one that introduced the concept of smart contracts
and Blockchain. Most importantly, the contributors have the on the Blockchain. Only after this, people we really able to
power regarding where the money should go to as opposed to build applications that are based off decentralization where the
the website or the campaign creator. This is very crucial to code that does the most important and crucial tasks is stored in
ensure that the people have the power and that the campaign the blockchain for inheriting the immutable features of the
creators do not have a negative intention of grabbing the Ethereum Blockchain. Once the smart contract is deployed on
money just to run away. the Ethereum Blockchain, it cannot be changed and is known
to be immutable. This brings in a lot of advantages because of
So, to ensure that this happens, the Blockchain must be how well this ensures the security of the entire application that
used to make all the transactions. Smart contracts are to be can be built using the concept above. The reason that I’m
used and this is where all the contributed money will be stored. talking more about the Ethereum Blockchain over all the other
The requests should be in the form of stages. Every stage is a blockchains is mainly because of security features. The
new request in the website that is made by the campaign number of miners in the Ethereum Blockchain are really high
creator for a certain amount of money. A stage can be asking which makes sure that every single transaction is a valid
for some money because the campaign creator has signed a transaction because of the proof of work consensus
contract with the manufacturer. For every request, the mechanism used by it. Also, the block time and the number of
contributors for that campaign can vote to make the transfer validations needed for a single transaction to go through
successful. The voting should be more than 50% for the makes sure that the transactions are much faster than Bitcoin
money to be sent to the campaign creator. The money is in the and at the same time providing high security. These are some
form of any cryptocurrency and will be transferred directly to of the reasons to choose Ethereum over other blockchains.
their wallet. This ensures that people have the power
regarding where the money goes. This ensures good amount In Blockchain, we have a trilemma which is popularly
of security compared to how the current crowdfunding known as the Blockchain trilemma and it says that, out of
applications work. decentralization, security and scalability, any Blockchain can
implement 2 out of 3 in the best manner but have to leave out
For the contributors to choose to vote for a particular the third one because it is practically impossible to achieve all
request, the campaign owner should upload a seemingly- three simultaneously for as single blockchain. Ethereum
convincible evidence for every request regarding how the focuses mainly on decentralization and security, leaving out
money will be spent. This might include the signed contract some of the scaling features which is fine because code in
with the manufacturer for a stage that includes manufacturing blockchain is mainly used for super high secure features and
of the product. we do not need to put all the code on-chain.
 The language which is used to write smart contracts on the
Ethereum blockchain is called Solidity. The Solidity compiler
converts this code that we write into an ABI (Application
Binary Interface) that allows the Ethereum Virtual Machine
(EVM) to understand the code.
There are many networks in the Ethereum Blockchain that
can be used. Other than the Ethereum Mainnet, we have some
other networks like Rinkeby, Ropsten and Kovan. These are
test networks and are used to test the smart contracts before
actually deployed it in the Ethereum Mainnet for production
purposes. I would be using Rinkeby because of how popular it
is and also because of the fact that it is easy to obtain test
Ether on it. Test Ether has no value in the real world and only
used for testing purposes.
IoT device through the application which will most probably
be a Raspberry Pi with a Node.js server configured. The
campaign creator should follow the basic setup instructions,
connect it to their WIFI and hang it somewhere in their room
for the alerts to trigger. For the implementation part, there is a
module in Node.js which is called johnny-five that allows us
to call the IoT device from within the Node.js code. Another
module named ethers.js is used to read the events from the
Smart contract on the blockchain. Based on the events, the
appropriate alert is triggered through the IoT device.
The architecture diagram of the entire application is as follows:

After the smart contract is written, it has to be deployed on

the blockchain. In this case, it is Ethereum in the Rinkeby
network. There is a very popular framework that can be used
to do so. It is known as Hardhat. It is used by millions of
developers across the world to write, compile, test, debug,
deploy and verify smart contracts on many different
blockchains. After deployed, we can make note of the contract
address and the ABI (Application Binary Interface) of the
smart contract to use in the application or website that we are
trying to build.

For the website, we would need a frontend for the users to

interact with and potentially a backend where the features that
don’t require a lot of security can be implemented for the
frontend to use. For frontend, the easiest way to get started
with is React.js with a Node.js backend or we can go for one
of the new frameworks like Next.js where we can implement
The tools and technologies that can be used is mentioned here:
frontend and backend together.
Operating system: Linux / Windows
To interact with the blockchain, the frontend can use
Frontend website: React.js
libraries like web3.js, ethers.js or web3modal.js that connect
Backend: Next.js / Node.js + Express.js
with the browser wallet of the users to allow them to make
IoT device: Arduino Uno / NodeMCU + LED, or Raspberry Pi
transactions on the blockchain through the website. For
IDE: Arduino IDE, Visual Studio Code
displaying data and deploying the smart contract on the
Blockchain: Ethereum, Ganache Local Network, Rinkeby Test
Blockchain, we can use our own RPC Node provider using Network
services like Infura or Alchemy. For making transactions, the
Languages used: C (For Arduino), Javascript (Web + IoT),
user must install a browser wallet like Metamask and set it up
Solidity (Smart contract)
properly with the appropriate network.
The user will be interacting with the frontend. The user can be
For making simple designs without much of work, there are
either the Campaign creator or a contributor who is surfing the
several libraries like fomantic-ui and semantic-ui-react. Also, website to contribute to the projects that they are interested in.
there is new but famous framework and service known as
Whenever any interaction takes place in the website, the
Moralis that is used to scale Blockchain based decentralized
Blockchain will be used to get details or the state of the
applications. It also provides several Pagination, storage and
blockchain can be changed.
RPC node features. It is like AWS for the Web3 space and it
is very easy to use and build.
The Backend will have an endpoint that triggers alerts using
an IoT device. For this project, we are only demonstrating it
IoT device, for example an Arduino Uno can be used to
using a single Arduino Uno IoT device where different LED
trigger alerts for certain events in the website. This can be
colours or patterns will be used to trigger different alerts. Any
done when the voting is fulfilled for a certain request. Every
changes in the Blockchain are observed using the server and
person who wishes to become a campaign creator can order an
the alerts are triggered when any emitted event is found.

The Blockchain that we would be using is Ethereum and the
smart contracts will be written using Solidity. We would be
using the Ganache Local Network for faster testing and
Rinkeby Test Network for deploying the smart contracts on-
chain.
V. CONCLUSION
The implementation details discussed according to the
proposed methodology allows us to make sure that the
crowdfunding can be performed in a very secure way as
compared to the traditional methods. This type of a model, as
shown, favors the contributors and makes sure that the
business does not have any negative intentions of how they
proceed with the contributors’ money. The feature where the
contributors withdrawing contributed money from the
campaign if they don’t think that the business will succeed is
very powerful. The future work related to this paper would be
to proceed with the data found after the launch of the product
to the public to prove further regarding why this model works
well.
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