Consortium Blockchain Model for SME Crowdfunding Systems
TL;DR
The simulation results using Hyperledger Fabric show that every node in the blockchain network needs to verify transactions related to the origin and allocation of crowdfunding funds for SMEs, which guarantees that the information generated by the blockchain-based crowdfunding system for SMEs stays accurate and transparent.
Abstract
Small and Medium Enterprises (SMEs) have a strategic role in the economy, such as absorbing labor and raw materials for development. However, the strategic role of SMEs is not without problems that hinder their development, including financial constraints. One way to obtain funds for SMEs is crowdfunding. SME crowdfunding systems are a fundraising method in which many individuals collectively support the capital needs of Small and Medium Enterprises through online platforms. This system connects business actors that need capital (issuers) with investors or donors via financial technology. However, conventional crowdfunding systems often compromise transparency in fund management. Conventional crowdfunding systems for SMEs cannot provide transparent information on how funds are used. This study aims to create and implement a blockchain-powered crowdfunding model tailored for SMEs. This study employs a Research and Development (R&D) approach. The stages include identifying problems in SME crowdfunding, designing a blockchain-based crowdfunding system, and simulating a prototype with Hyperledger Fabric. The simulation results using Hyperledger Fabric show that every node in the blockchain network needs to verify transactions related to the origin and allocation of crowdfunding funds for SMEs. This process guarantees that the information generated by the blockchain-based crowdfunding system for SMEs stays accurate and transparent.