Blockchain-Enabled Decentralized Crowdfunding Framework for Green Energy Projects

Publications

Blockchain-Enabled Decentralized Crowdfunding Framework for Green Energy Projects

Year : 2024

Publisher : Springer Science and Business Media Deutschland GmbH

Source Title : Lecture Notes in Electrical Engineering

Document Type :

Abstract

Crowdfunding is an innovative method to raise funds for various purposes, like developing innovative projects, charity, and many more. By using this approach, entrepreneurs who have limited funds to invest in their ideas can get more funding for their projects. There are a few crowdfunding platforms, such as Indiegogo and Kickstarter, that allow entrepreneurs to present their ideas to potential investors. In order to protect investors from fraud, these reliable third-party websites serve as an escrow for the money. However, these sites charge a higher fee for providing services. In this work, we replace intermediaries and their associated costs for fundraising between entrepreneurs and investors by using blockchain technology. Smart contracts are deployed on the blockchain to automate all operations of the framework, and it manages all operations based on the agreements and incentive rules as defined in the smart contract code. This enhances security and transparency among all the stakeholders. First, we designed the framework and then implemented it using Remix, and Solidity language is used to design smart contracts. The Ethereum blockchain network is used for storing and running smart contract transactions. For the front-end, we have user reactjs. Finally, the result of all the crowdfunding applications is described. This application would raise investment in renewable energy infrastructure projects and contribute to achieving the target of net zero emissions in the near future.