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in ©IJONS

Vol.13 / Issue 76 / February / 2023 International Bimonthly (Print) ISSN: 0976 – 0997
RESEARCH ARTICLE

A Study on Intelligent Trustworthy System for Crowd-Funding

Atul Kumar*, Diksha Jaiswal, Vinay Shree Pandey and Manash Sarkar

Department of Computer Science and Engineering, Atria Institute of Technology, Bengaluru, Karnataka,
India

Received: 24 Dec 2022 Revised: 12 Jan 2023 Accepted: 31 Jan 2023

*Address for Correspondence

Atul Kumar
Department of Computer Science and Engineering,
Atria Institute of Technology, Bengaluru,
Karnataka, India
Email: atulkr1103@gmail.com

This is an Open Access Journal / article distributed under the terms of the Creative Commons Attribution License
(CC BY-NC-ND 3.0) which permits unrestricted use, distribution, and reproduction in any medium, provided the
original work is properly cited. All rights reserved.

ABSTRACT
Yashoda
Crowd funding is a practice of supporting various government and NGOs fundraising campaigns,
business ventures and startups by receiving funds from investors. The traditional methods of centralized
crowd funding platforms have a lot of shortcomings like lack of transparency, fraud campaigns, delay in
raising funds and investments in projects with low success rate. Blockchain technology can overcome the
shortcomings of traditional crowd funding methods by creating a decentralized network. Blockchain is a
distributed unchangeable ledger which is completely transparent and decentralized. Machine learning
concepts can be employed in determining the success rate of a crowdfunding campaign. This paper
presents a study on blockchain technology and the related cryptocurrencies like Ethereum and Bitcoin.
The paper also covers study on Ethereum based smart contracts which enables the transactions to be
executed automatically thus ensuring trust between investors and vendors. At the end we surveyed the
role of blockchain technology in crowdfunding campaigns which helps to understand the practical
implementation of the technologies covered.

Keywords: Crowdfunding, Blockchain, Bitcoin, Ethereum, Smart Contracts.

INTRODUCTION

The blockchain is a decentralized, transparent ledger that stores transaction histories and is open to public scrutiny.
It is not owned or controlled by any one party and is maintained by miners. The completed transactions are recorded
in a chain of different blocks. It expands as additional blocks are consistently added to it [1]. Zheng et al. [2] in his
study stated that decentralization, privacy, and auditability are essential properties of blockchain technology thus
allowing blockchain to reduce the expenses significantly and increase the efficiency. Blockchain technology,
particularly central banking platforms, has the potential to favorably disrupt a wide range of business models and
application cases, including commerce, financial services, supply chains, business process optimization, sharing of

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Atul Kumar et al.,

health information, and logistics management. [3]. One of the most significant applications of Blockchain is building
decentralized platforms for crowdfunding campaigns. Crowdfunding, to put it simply, is the practice raising money
for a project or campaign without the help of a third party or a centralized institution [4]. The crowdfunding
platforms have many benefits as it creates traction, social proof, and validation and provides a forum for
crowdsourcing concept refinement. It also helps us find early adopters and devoted champions and serves as a
marketing and publicity tool. Choudary et al. [5] analyzed that although they have many advantages, traditional
crowdfunding platforms have a lot of faults that need to be corrected. Fraud cases are one of the primary problems
with traditional crowdfunding platforms, which claim that online crowdfunding exposes donors to fraud since
conventional legal and reputation protection procedures might not be effective. A different survey conducted in [4]
found that more than 75% of crowdfunding initiatives delivered their merchandise later than anticipated. Blockchain
can help solve all the problems with the traditional crowdfunding platforms. As by using Blockchain we can build a
decentralized application which can be used to make a distributed platform in which the investors will have full
control over the money. Ashari et al. [6] surveyed in his research that smart contracts are one of the blockchain’s
fascinating properties. Smart contracts is a piece of executable program that is executed on a blockchain. It is
employed to automatically execute the agreements once the given circumstances are met. Smart contracts can be
used on a variety of platforms, including Ethereum, NXT, and Bitcoin. It is made up of programme code, a storage
file, and the balance of the account. Making use of smart contracts improves the safety of the crowdfunding platform.
They may be delivered automatically without a third party, are kept in public databases, and cannot be altered
because the blockchain processes all transactions as they occur. Since there is no involvement of a third party, the
trust and security issues are significantly reduced and the transactions only take place when the conditions
stipulated in the agreement are met. Blockchain has made smart contracts decentralized, and as a result, the
transactions taking place on crowdfunding platforms won't be governed by centralized entities like banks, brokers
and other third parties.

Related works
Backmann [7] has highlighted the distinctions and parallels between the peer-to-peer lending and traditional ways of
collecting funds. The amount raised, the screening procedure, and the information acquired for risk management are
very different between the two fund raising strategies. These kinds of studies could clarify whether or not the
outcomes of the novel peer to peer lending method are applicable to the established methods of money raising. This
focuses on traditional fund-raising methods as well, where the ventures typically failed and the return on investment
was quite low. According to a survey conducted by Prinsha [8] on crowdfunding and its effects in India, there are
many benefits to crowdfunding over other options open to start-ups and SMEs. It is very difficult to attract investors
to new businesses because crowdfunding is not accessible to the general public, but the younger generation has
greater understanding about crowd financing, which is a fantastic beginning point for this crowdfunding platform to
develop. This will also enable the new businesses to reach out to a wider range of financiers and investors in order to
raise money. Vujičić et al. [9] in the research has presented an outline about blockchain technology. A detailed
information about bitcoin has been given. Also implementation of blockchain with smart contracts has been put
down by using ethereum blockchain. According to Zhu et al. [10], blockchain is still a new technology that is
currently in the exploration stage. Before it is made available to the general public, various technical and legal
difficulties must be taken into account. For market influencers to collaborate and transform the industry, implement
blockchain in the marketplace, and propose novel ideas, there is still room for improvement. They must increase
their grasp of blockchain innovation, including its value, potential, and risks. They should successfully progress
blockchain technologies in the Chinese crowdfunding industry. Blockchain applications and specialized
development can lead to financial proficiency and social benefits. There are various applications of Blockchain
technology in today’s world which includes the financial sector. Benefits of implementing Blockchain technology in
modern day finance has been studied by Nandini et al. [11].They analyzed that by using smart contracts the
execution of an agreement can be automated and payment of low values can be made possible. In their study,
Hjálmarsson et al. [12] offered a brand-new electronic voting system built on blockchain that addresses some of the
issues with existing systems and evaluates some of the well-known blockchain frameworks in order to create a
blockchain-based e-voting system. They specifically assessed the potential of distributed ledger technology by
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describing a case study, including the conduct of an election and the use of a blockchain-based software that lowers
the cost and increases security of holding a national election. There are various protocols of Blockchain technology,
the very first protocol was introduced by Nakamoto [13] in which he introduces the world with Bitcoin, a
decentralized electronic money transfer solution that would eliminate the banks, brokers and other third parties.
Thus, solving the double-spending problem without using digital signatures. One of the most well-known
blockchain technologies is Ethereum. In their study, Khan et al. [14] suggested employing the Ethereum blockchain,
which uses encryption-algorithms, consensus protocols, and smart contracts to deliver secure and transparent
transactions, in the digital sharing economy. Blockchain improves the traceability, security, and transparency of the
shared dataacross a company network while also generating cost savings by using Blockchain Databases. One such
database is BigchainDB which has both the properties of a blockchain and database. The latest version of BigchainDB
is called BigchainDB 2.0 which has come around with a lot of improvements like Byzantine Fault Tolerance [15].
According to research by Alrubei et al. [16] blockchain can also be used in the IOT sector.In a real-world use scenario,
this article described a realistic Proof of Authority (PoA) Ethereum blockchain implementation on an IoT system. In
order to establish the groundwork for future research and potential solutions to these problems, this implementation
was practically completed in order to investigate and highlight some of the potential concerns that could hinder
blockchain and Internet of Things integration. In their research, Huang et al. [17] have shown how smart contracts
compromise security in order to increase decentralization.

The security concerns associated with Ethereum smart contracts fundamentals are then explored. In order to
comprehend and use the smart contract, an optimized smart contract application on auction has been put into place.
Khan et al. [18] in their survey concluded that a shared agreement between two or more parties is known as a smart
contract. Thanks to the libraryfunctions, it saves information, handles input, and writes output. For instance, the
smart contract can specify the method Object(), which is [native code] and allows for the creation of smart contracts.
One can host a new smart contract on the blockchain by invoking the method Object() ([native code]) through a
transaction whose sender becomes the smart contract owner. Only the smart contract's owner can typically revoke
the contract using this function. A smart contract is often a class that comprises local variables, function modifiers,
logs, and struct in order to execute and control relevant actions in line with the contract's rules. Alharby et al.
[19]conducted a thorough mapping analysis in this publication, in order to compile all technical studies pertinent to
smart contracts. By doing this, it will be possible to pinpoint active research areas and unresolved problems for next
smart contract research investigations. 24 publications were taken out of various scientific databases by the
researchers. The findings reveal that the majority of papers—about two thirds—concentrate on identifying and
resolving smart contract challenges. The codifying, security, privacy, and performance difficulties are recognized as
the four main issues. The remaining papers concentrated on applications of smart contracts or other relevant
subjects. Future studies which would fill in the remaining research gaps, are also presented. We use leave application
systems today which are controlled by a centralized authority. By using smart contracts Singla et al. [20] have
suggested a system based on Solidity and Ethereum, a decentralized app framework based on blockchain
technology, and created a smart contract design for the Absence Management System.

The smart contract app is paired with a centralized design, which is a conventional client/server layout with a
blockchain - based backend. Untrustworthy parties can conduct business with each other using the emerging smart
contract systems over decentralized currency securely without using dependable outsiders. The decentralized
blockchain assures that in the event of contractual violations or aborts that just rewards are given to honest parties.
Transactional privacy, however, is absent from current systems. On the blockchain, every transaction is visible,
including the transaction between aliases and the total money transacted. Kosba et al. [21] have introduced Hawk
which is a smart contract solution that protects transactional privacy from public view as it does not store financial
transactions in the open on the block- chain. Staderini et al. [22] based on the Common Weakness Enumeration
(CWE), have categorized a number of programming language vulnerabilities found in Solidity. They also provided a
fault model for Solidity, and to uncover the flaws leading to the vulnerabilities on a collection of smart contracts, a
comparative examination of different static analysis tools was conducted. In order to increase coverage, the study
computes the testing effectiveness of static analyzers individually and assesses the covered vulnerabilities. The
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analysis of the discovered vulnerabilities has been completed. Thus, it is important to recognize extreme
vulnerabilities that static analysis techniques do not cover in order to maximize the tool's impact on the security of
smart contracts. This paper describes a decentralized application that makes use of the Ethereum blockchain to
lessen the limitations of centralized system. It was created using the solidity language and truffle evolution
framework. All of the features of this application are contained in Ethereum smart contracts. A web3.js API was used
to construct client-side applications. Utilizing the Kovan test network, analytical assessments of this application
reveal the lowest transaction fees to date documented in the literature [23]. Both the academic community and the
capital market have given blockchain technology a great deal of attention. However, massive speculation on the tens
of thousands of cryptocurrencies that are already in circulation and countless initial coin offering frauds have also
sparked infamous discussions about this new technology. In order to highlight the significance of decentralized apps
(dApps) and the potential future value of blockchain, this study tracked the evolution of blockchain systems.

They have reviewed the most recent dApps and talk about where blockchain development should go to meet the
demands of dApps. The readers will learn about current advancements in the blockchain and receive an outline of
dApp research [24]. Blockchain is a fully visible ledger that is immutable and appended only, making it impossible to
tamper with. In this article, by utilizing Ethereum's network and E-Wallets, Canessane et al. [25] built and put
through testing an example smart contract for electronic voting application. After an election, the records of votes
and electors will be stored on the Ethereum blockchain, creating a transparent and trustworthy network with little
possibility for error. According to research by Hassija et al. [26], third parties frequently have a bias in favor of either
the investors or the producers, in addition to issues with cost and availability. The conventional technique may
appear fair, but it is not truly equitable. Since a smart contract, or self-executing line of code, cannot be biased, the
recommended paradigm is shown to be neutral for both developers and investors. They suggested an approach
which guarantees that the commitments reached between the parties concerned are followed in addition to offering
the greatest bargains to developers and investors. The Ethereum foundation is utilized in their suggested approach
to deploy smart contracts between ventures and investors in order to execute smart computing and to avert
disagreements. The transactions that take place between the two parties are entirely under the jurisdiction of these
contracts, which are self-executing lines of code. Crowdfunding is one of the most recent uses of blockchain. It is a
form of online fundraising that was first created as a method for individuals to give a little sum of money to support
the financial endeavors of creative people. The issue with the existing system of crowdsourcing funding is that
contributors have little control over their funds, and third-party platforms cannot ensure the funds were utilized for
the intended cause. This article is a study on smart contracts, which offer contributors power to successfully donate
to any project [27].

Hussain et al. [28] proposed a decentralized and private blockchain based application in which all the contributors
participating in crowdfunding would be having control over the investments being made by the vendors. A lattice-
based cryptosystem has been used as extra protection to prevent future quantum computers from being able to
decrypt the data. Algorithms and principles from machine learning have been used to make the application
intelligent. As a result, the programme can forecast the success of a current live campaign. Dhokley et al. [29]
proposed a system CrowdSF, in which the success of modern crowdsourcing platform providers will be combined
with the benefits of recent advancements in blockchain technology. Their system used Ethereum-based smart
contracts between the creator and the workers, to provide a clear and transparent display of the worker's credentials
and diligence for a natural differentiation between high-quality workers and low-quality workers based on their
Credit or Reputation score, which they will acquire after every task they successfully complete. They have
also added Backers to the system, who will support the Creator's concept and finance their endeavor by giving them
money. Benila et al. [30] studied briefly that the current platforms are problematic as they do not offer any guarantee
policy to the donor and the contributors do not have control over the money they donated. The idea of this article is
to use blockchain technology for crowdfunding. This paper includes interactive forms for campaign creation,
donation, and request approval to make it easier for campaign creators and donors to establish and finance
campaigns. The donor can monitor the use of the money they have given.The campaign's founders will put their
project ideas there, and anyone who is interested in supporting the idea can donate money. The difference between it
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Atul Kumar et al.,

and previous crowdfunding is that all the money is currently in digital currencies like ether. Every single Ether coin
will be tracked and stored in the blockchain. In contrast, blockchain is an unchangeable ledger. The funding is under
the Donor's control. The donor has complete control over the money they invested thanks to the Request approval
module. The vendors can make use of the money only if at least one-half of the investors agree to the proposal.

Comparison
According to Zheng et al. [31] Ethereum's native currency is known as ether. Both when smart contracts are being
executed and during the transactions that are represented in the block, ether transactions occur. To generate the
private Ether transactions dataset, which enables us to examine every Ether transaction, we examine the blocks and
trace data. shows the 54,688,782 addresses that are involved in the 330,239,865 Ether transactions. Ether prices range
widely. The mean is only 22.26 Ethers, while the maximum are 11,901,464.24 Ether (about 2 billion USD at this time).
As shown in table 1 Statistics for all transactions in a block of 10,000. Between 4,000,000 and 4,300,000 blocks, which
corresponds to the busiest time for ICOs, the most Ether transactions are seen (ICO). Most ether transactions transfer
just extremely little amounts of ether, as shown by the fact that most transactions only move between 0.1 and 1 ether.
Yu et al. [31] studied that Exploratory Data Analysis (EDA) is a method that uses a variety of strategies to summarize
data in both graphical and numerical form. The goal of the data pre-processing task is to identify noisy data and
missing values (Kamath, R. S., & Kamat, R. K., 2016 )[32]. According to the first observation, 3,801 records could be
deleted due to data leaking (Protected data to an untrusted environment). Another discovery is that the "deadline"
and "launched" variables have the wrong data type. As a result, the two fields' data type was changed to "datetime".
Two additional columns were included as a workaround in order to provide the project duration and length of the
project name. Following data cleaning, table 2 displays the number of projects in various statuses. Reading audiences
can measure and compare variables by presenting. The distribution of various projects by category is shown in the
charts. “Film & Video” is the most well-liked, followed by “Music” and “Publishing” displays the information
arranged by the quantity of projects shows the proportion of successful versus unsuccessful projects in each
category. "Film & Video" and "Music" are the top two of both when comparing the number of projects and the money
committed in each area, whereas the other categories are ranked differently. Despite being few in number,
technology-related projects received significant funding. Almost 80% of the programmes were funded in the US, and
9% in the UK.

CONCLUSION

A trustworthy system for modern day crowd funding platforms can be built using Blockchain Technology. New
businesses, startups, and NGOs can now raise money without using conventional channels by using the new
platform for crowdfunding. By using blockchain protocols/currencies like Bitcoin, Ethereum, BigchainDB
transactions among various individuals can be carried out in a decentralized manner. Ethereum blockchain helps to
build decentralized applications by smart contracts which are written in Solidity. Thus, crowdfunding can be
decentralized by using smart contracts, in which the investor will always be aware of all the investments that are
being made by the vendor. Additional security can be provided to the system by maintaining the privacy of each
user in which cryptographic algorithms can be applied that would encrypt all of the transactions made by each
individual. Apart from this machine learning concepts can be used to predict the campaign completion probability of
a particular active campaign. The future of crowdfunding is unquestionably promising. It does, however, encounter
certain difficulties. Online crowdfunding is still not widely embraced in India because it is a recent concept.
However, the first hesitation should be anticipated and, given enough time, would not prove to be a significant
barrier. The majority of the concern against online crowdfunding would fade with time.

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Table 1. Statistic value table

Statistic Value
No. of Ether Transaction 330,239,865

No. of Addresses 54,688,782

Mean of Amount of Ethers 22.26
Maximum of Amount of Ether 11,901,464.24

Table 2.Total Project by Status

Status Number of project Percentage (%)
Suspended 1842 0.49%
Live 2798 0.75%
Canceled 38751 10.34%
Successful 133851 35.71%
Failed 197611 52.72%

Fig.1: Transaction distribution of Ether Fig.2: Projects count by category

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Fig.3: No of projects distribution