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Given these drawbacks of current crowdfunding platforms, integrating blockchain technology proves a practical business-transforming decision. Blockchain-based crowdfunding platforms can become a more acceptable means of funding a wide range of initiatives and causes. For instance, with blockchain smart contracts solutions, it becomes automatic to release funds only when milestones validate that there will be intended use of funds in the future. Fundamentally, blockchain solutions for crowdfunding can offer stakeholders vital oversights into individual campaigns while lowering the amount of trust required to make investments. Furthermore, end-to-end traceability, transparency, and efficiency provided by blockchain augment a crowdfunding platform in various ways. Let’s take a look.
Crowdfunding has revolutionized the way of raising funds for not only start-ups but for all traditional or existing businesses. Crowdfunding made it easy for fundraisers to raise funds as they don’t have to knock on doors of banks and financers and get the desired amount in return of interest or offering equity or even through donation, or reward. Blockchain, on the hand, is decentralizing the system of records and control which makes crowdfunding more transparent and secure. Though a number of blockchain-based crowdfunding platforms are already doing good business and they vary in crypto, model and type of crowdfunding. The study is conducted on a very new blockchain-based crowdfunding platform, WHIRL. The unique and different in this model is the model, “pay-it-forward” itself. The model assures that members will get their legit project funded after they help other projects succeed. The study also highlights some thoughts from the Executive Board of Directors and co-founders after doing a brief discussion with them.
To help more and more by, integrating blockchain technology proves a practical business-transforming decision. Blockchain-based crowdfunding platforms can become a more acceptable means of funding a wide range of initiatives and causes. For instance, with blockchain smart contracts solutions, it becomes automatic to release funds only when milestones validate that there will be intended use of funds in the future. Fundamentally, blockchain solutions for crowdfunding can offer stakeholders vital oversights into individual campaigns while lowering the amount of trust required to make investments. Furthermore, end-to-end traceability, transparency, and efficiency provided by blockchain augment a crowdfunding platform in various ways. Let’s take a look.
The CrowdFundingPlanning team works with early stage companies to launch new products and services. Crowd and Relationship Funding presents an exceptional and accelerated opportunity to validate your business concept, build your networks, raise funds and go to market quickly! We provide knowledge, resources systems and build networks to assist you through all stages of your crowd funding project or campaign from education to campaign management. We leverage the power of Google technology to develop and promote your CrowdFunding project and business.
