Designing Token-based Crowdfunding System on Private Blockchain Network for Indonesian Cooperative Investment Accountability

Salies Apriliyanto¹, Yan Watequlis Syaifudin¹, Indrazno Siradjuddin¹

1. ¹ Politeknik Negeri Malang

IEEE International Symposium on Consumer Electronics (ISCE), 2024

Crowdfunding, an increasingly popular form of community fundraising, allows individuals to contribute funds to support various projects collectively. This method's growth is attributed to the widespread use of social media and crowdfunding platforms. Despite its effectiveness in resource mobilization, crowdfunding faces challenges in ensuring se-cure funding handling and maintaining transparency and accountability. This study presents a novel approach tailored for Indonesian cooperatives, crucial in driving economic and community growth, proposing a token-based crowdfunding model using Hyperledger Fabric's private blockchain network. It ensures secure, immutable transaction records and incor-porates digital tokens representing equity, debt, or rewards. This approach addresses complex regulatory frameworks and emphasizes the need for stringent accountability and security measures while introducing asset representation and liquidity in fundraising. Implementing such a system promises to modernize cooperative fundraising, improving financial inclusivity and community engagement while adhering to local standards.

DOI10.1109/isct62336.2024.10791255Copy