Blockchain and Crowdfunding: Building Trust Through Transparency

Earlier times were different but since the advent of online, many things have changed. Everything that used to happen offline is now online and this is good in a way. You see, when things come online, we benefit a lot because you can do many tasks sitting at home for which earlier you had to stand in line for hours or travel far away. Earlier, so many tasks were done for which you had to go here and there. If you talk about 10-15 years ago, then perhaps at that time online was not so popular, if you wanted to withdraw money from your account or send it to someone, you had to go to the bank. Yes, at that time internet banking was there but not everyone knew how to use it, even now probably very few people use internet banking. There are many such things from which we have benefited a lot. Well, there can be many such things but nowadays crowd funding is very popular. And if you are using it for a new purpose then it gets collected even faster.

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Whenever you do crowd funding, people want to know what you will do with the money, that is, what is your motive behind it. If your motive is good and you are doing it for the benefit of people or for some good cause, then people happily agree to give money. Because see, we all spend our money here and there, some for good causes, some for bad causes, some for our hobbies, some for other's hobbies and who knows what else. So overall, we all spend money but sometimes we think too much. Imagine if someone scans with you and it happens that he does it not only with you but with many people and even if he did it for a very small amount of money, but if you increase this number and see how many people he has scanned with and what is that amount. Many times people do crowd funding but after that they do not use that money properly which makes people very angry.

If your crowdfunding concept is good and your intentions are good, then share with people what you did with the money and how much money you collected. If everything is open, then people will support you. If you hide things from people and do not tell them what you did with the money and how much money you collected, then a lot can change in this way. I feel that blockchain technology is very good in this matter. If you have information about the specific address where the money is being transferred, then you can track where certain addresses are using the money. First of all, it is the responsibility of the particular agency or individual collecting the money to maintain transparency with the public and tell them how much money they have collected and what they will do with it.

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Sometimes people take it a step further and ask people for their opinion on what to do with this money. Because sometimes it happens that your demand is very low but you get a lot of funds but you should use it for some good cause. If you give money to help people then maybe people get ready to help you even more. See the biggest thing that happens is trust, if you can build trust then you can easily collect a good amount of money. Once you break trust, it becomes very difficult for people to trust you again. And once trust is broken, even the best things fall apart.

So, all I can say is that I support crowdfunding, as long as people are transparent about how much money they've collected, whether they're donating or giving money. It's probably not necessary to disclose this, but they should disclose how they're using the money. Be transparent with people and show how much they've spent, where they've spent it, and how much they have left. It could be anything else. Please share your thoughts on this.

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