A PROJECT REPORT ON

Blockraise: A Scalable Blockchain Enabled

Crowdfunding System for Equity Ventures

SUBMITTED TO THE SAVITRIBAI PHULE PUNE UNIVERSITY , PUNE

IN THE PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE
AWARD OF THE DEGREE

BACHELOR OF ENGINEERING
(Computer Engineering)

BY

Parth Gaikwad B190314235

Gaurav Kaulagi B190314265
Gaurav Sarage B190314320
Yogesh Shete B190314327

Under the guidance of

Dr. Sujit N. Deshpande

DEPARTMENT OF COMPUTER ENGINEERING

PES MODERN COLLEGE OF ENGINEERING
SHIVAJINAGAR,PUNE 411005

SAVITRIBAI PHULE PUNE UNIVERSITY, PUNE

2023 - 24
 CERTIFICATE

This is to certify that the Project Entitled

Blockraise: A Scalable Blockchain Enabled

Crowdfunding System for Equity Ventures
Submitted by

Parth Gaikwad B190314235

Gaurav Kaulagi B190314265
Gaurav Sarage B190314320
Yogesh Shete B190314327

is a bonafide work carried out by them under the supervision of Dr. Sujit N.
Deshpande and it is approved for the partial fulfillment of the requirement of
Savtribai Phule Pune university, Pune for the award of the degree of Bachelor
of Engineering (Computer Engineering).

Dr. Sujit N. Deshpande Prof. Dr. Mrs. S. A. ITKAR

Guide Head
Department of Computer Engineering Department of Computer Engineering

Signature of Internal Examiner Signature of External Examiner

 PROJECT APPROVAL SHEET

A Project Report Titled as

Blockraise: A Scalable Blockchain Enabled

Crowdfunding System for Equity Ventures

is successfully completed by

Parth Gaikwad B190314235

Gaurav Kaulagi B190314265
Gaurav Sarage B190314320
Yogesh Shete B190314327

at

DEPARTMENT OF COMPUTER ENGINEERING

PES MODERN COLLEGE OF ENGINEERING

SAVITRIBAI PHULE PUNE UNIVERSITY, PUNE

ACADEMIC YEAR 2023-24

Dr. Sujit N. Deshpande Prof.Dr. Mrs. S. A. ITKAR

Guide Head
Department of Computer Engineering Department of Computer Engineering
 Acknowledgement

It gives us pleasure in presenting the project report on ’Blockraise: A

Scalable Blockchain Enabled Crowdfunding System for Equity Ven-
tures.’

Firstly, we would like to express our indebtedness appreciation to our guide

Dr. Sujit N. Deshpande. His constant guidance and advice played very
important role in successful completion of the project. He always gave us his
suggestions, that were crucial in making this report as flawless as possible.

We would like to express our gratitude towards Prof. Dr. Mrs. S. A.

Itkar Head of Computer Engineering Department, PES Modern College of
Engineering for her kind co-operation and encouragement which helped us
during the completion of this report.

Also we wish to thank our Principal, Prof. Dr. Mrs. K. R. Joshi and
all faculty members for their whole hearted co-operation for completion of
this report. We also thank our laboratory assistants for their valuable help
in laboratory.

Last but not the least, the backbone of our success and confidence lies solely
on blessings of dear parents and lovely friends.
Parth Gaikwad
Gaurav Kaulagi
Gaurav Sarage
Yogesh Shete
 Abstract

The discrimination in the viewpoints is viewed based on the coreration with

the inequalities that exist in the current economy, determined by the innova-
tion and dynamic business environment, & the traditional barriers to obtain-
ing capital for equity ventures. To address this challenge, a groundbreaking
solution emerges; Blockraise: A preliminary outline of a new and sustainable
equity crowdfunding system based on blockchain technology. This new form
of investment utilizes blockchain to open up various targeted opportunities,
alter the existing concept of venturing capital and stimulate the start-up
world. The proposed equity investment crowdfunding system changes the
way that people and companies gather and invest. As it increases trans-
parency, security, and managerial efficiency by utilizing blockchain, geograph-
ical barriers are eliminated, which means increasing the number of applicants
for investors and entrepreneurs. They actively encourage communities to stay
diverse to develop fresh ideas, hence the economic prosperity of the country.
The decentralized blockchainbased crowdfunding system described above has
the potential of dedicating dramatic changes in the equity investment realm.
With formation of this platform, it marks the start of effectiveness and strong
relation in both horizons of investors and innovators through equity crowd-
funding. Ideally, such a change is expected to bring about a brighter future
where there will be equal opportunities in the business domain.
 Keywords

Blockchain-enabled crowdfunding, Equity ventures, Democratize access, Trans-

parency, Security, Efficiency.
Contents

1 Introduction 1
1.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2 Problem Definition and Objectives . . . . . . . . . . . . . . . 2
1.3 Project Scope & Limitations . . . . . . . . . . . . . . . . . . . 2

2 Literature survey 4
2.1 Literature Survey . . . . . . . . . . . . . . . . . . . . . . . . . 5

3 Software Requirements Specification 6

3.1 Assumptions and Dependencies . . . . . . . . . . . . . . . . . 7
3.2 Functional Requirements . . . . . . . . . . . . . . . . . . . . . 8
3.3 External Interface Requirements . . . . . . . . . . . . . . . . 8
3.3.1 Hardware Interfaces . . . . . . . . . . . . . . . . . . . . 8
3.3.2 Software Interfaces . . . . . . . . . . . . . . . . . . . . 9
3.4 Nonfunctional Requirements . . . . . . . . . . . . . . . . . . . 9
3.4.1 Performance Requirements . . . . . . . . . . . . . . . . 9
3.4.2 Safety Requirements . . . . . . . . . . . . . . . . . . . 10
3.4.3 Security Requirements . . . . . . . . . . . . . . . . . . 10
3.4.4 Software Quality Attributes . . . . . . . . . . . . . . . 11
3.5 System Requirements . . . . . . . . . . . . . . . . . . . . . . . 11
3.5.1 Database Requirements . . . . . . . . . . . . . . . . . . 11
3.5.2 Software Requirements . . . . . . . . . . . . . . . . . . 11
3.5.3 Hardware Requirements . . . . . . . . . . . . . . . . . 12
3.6 Analysis Models:SDLC Model to be applied . . . . . . . . . . 12

4 System Design 15
4.1 System Architecture . . . . . . . . . . . . . . . . . . . . . . . 16
4.2 Data Flow Diagrams / UML Diagrams . . . . . . . . . . . . . 17
4.3 Entity Relationship Diagrams . . . . . . . . . . . . . . . . . . 20
5 Project Plan 21
5.1 Project Estimate . . . . . . . . . . . . . . . . . . . . . . . . . 22
5.1.1 Reconciled Estimates . . . . . . . . . . . . . . . . . . . 22
5.1.2 Project Resources . . . . . . . . . . . . . . . . . . . . . 22
5.2 Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . 22
5.2.1 Risk Identification . . . . . . . . . . . . . . . . . . . . 22
5.2.2 Risk Analysis . . . . . . . . . . . . . . . . . . . . . . . 22
5.2.3 Project Task Set . . . . . . . . . . . . . . . . . . . . . 23
5.2.4 Task Network . . . . . . . . . . . . . . . . . . . . . . . 23
5.3 Team Organization . . . . . . . . . . . . . . . . . . . . . . . . 23
5.3.1 Team Structure . . . . . . . . . . . . . . . . . . . . . . 23
5.3.2 Management Reporting and Communication . . . . . . 24

6 Project Implementation 25
6.1 Overview of Project Modules . . . . . . . . . . . . . . . . . . 26
6.2 Tools and Technologies Used . . . . . . . . . . . . . . . . . . . 27

7 Software Testing 28
7.1 Types of Testing . . . . . . . . . . . . . . . . . . . . . . . . . 29

8 Results 31
8.1 Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
8.1.1 Contributor . . . . . . . . . . . . . . . . . . . . . . . . 32
8.1.2 Fundraiser . . . . . . . . . . . . . . . . . . . . . . . . . 35

9 Conclusions 37
9.1 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
9.2 Future Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
9.3 Applications . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Annexure A Feasibility Assessment 42

A.1 Technical Feasibility . . . . . . . . . . . . . . . . . . . . . . . 43
A.2 Schedule Feasibility . . . . . . . . . . . . . . . . . . . . . . . . 43
A.3 Economic Feasibility . . . . . . . . . . . . . . . . . . . . . . . 44
A.4 Computational Complexity of the Problem Statement . . . . . 44

Annexure B 45

Annexure C Plagiarism Report of project report 47

10 References 49
List of Figures

3.1 SDLC [20] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

4.1 System Architecture . . . . . . . . . . . . . . . . . . . . . . . 16

4.2 Data Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
4.3 Campaign Request . . . . . . . . . . . . . . . . . . . . . . . . 18
4.4 Wallet transaction . . . . . . . . . . . . . . . . . . . . . . . . 19
4.5 Entity Relationship . . . . . . . . . . . . . . . . . . . . . . . . 20

8.1 Front page . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

8.2 Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
8.3 Login page . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
8.4 Contributor Dashboard . . . . . . . . . . . . . . . . . . . . . . 33
8.5 Contribute . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
8.6 Campaign details . . . . . . . . . . . . . . . . . . . . . . . . . 34
8.7 Login page . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
8.8 Fundraiser Dashboard . . . . . . . . . . . . . . . . . . . . . . 35
8.9 Campaign Creation . . . . . . . . . . . . . . . . . . . . . . . . 36
8.10 Frequently Asked Questions . . . . . . . . . . . . . . . . . . . 36

C.1 Plagiarism Report . . . . . . . . . . . . . . . . . . . . . . . . . 48

List of Tables

2.1 Literature Survey Table . . . . . . . . . . . . . . . . . . . . . 5

5.1 Risk table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

 CHAPTER 1
INTRODUCTION
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

1.1 Overview
The motivation to develop a scalable blockchain-enabled crowdfunding sys-
tem for equity ven- tures is deeply rooted in the conviction that this pioneer-
ing technology can reshape the en- trepreneurial landscape. In a world where
access to capital is often limited, this system will democratize investment
opportunities, breaking down geographic barriers, and empowering a diverse
range of entrepreneurs. By leveraging blockchain’s inherent transparency
and security, we can create a trustworthy ecosystem that inspires confidence
among both investors and star- tups, stimulating economic growth, innova-
tion, and global connectivity. Moreover, its scalability ensures that ventures
of all sizes can thrive, ultimately fostering a culture of inclusivity, trans-
parency, and efficiency in equity crowdfunding. This endeavor is not merely
about revolutioniz- ing the way we fund startups; it’s about forging a path
towards a more accessible, vibrant, and interconnected entrepreneurial fu-
ture.

1.2 Problem Definition and Objectives

The current landscape of blockchain enabled crowdfunding systems presents
a facing challenge. While these platforms offer increased accessibility and
transparency, they often lack robust mechanisms for investor protection, leav-
ing stakeholders vulnerable to fraud and mismanagement. Moreover, as the
popularity of such systems continues to grow, the critical issues of scalability
looms large, threatening the efficiency and viability of the platform in han-
dling a rapidly increasing number of transactions. Addressing these concerns
of investor protection and scalability is imperative to ensure the sustainable
and secure evolution of equity crowdfunding in the blockchain era.

1.3 Project Scope & Limitations

Our vision for this blockchain-enabled crowdfunding system is founded on
four key principles. First and foremost, we emphasize ”Equal Accountabil-
ity,” fostering a sense of responsibility among both investors and fundraisers,
ensuring that each party is equally answerable for their actions. In addition
to this, we prioritize ”Enhanced Investor Protection” through the implemen-
tation of robust security measures, including dedicated security funds, com-
pliance funds, and reward funds, designed to safeguard the interests of our
investors. Trust and security are at the core of our approach, with investor-

PESMCOE, Department of Computer Engineering 2023 - 24 2

Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

policies and a commitment to assuring funds. Lastly, we recognize

the importance of scalability in today’s fast-paced environment and aim to
address this through the creation of a cutting- edge platform built on the
Polygon network. This platform will not only facilitate a large volume of
transactions but will also significantly reduce gas fees, ensuring that our sys-
tem is accessible and cost-effective for all stakeholders.

Limitations:

1. Limited User Base:

• Crypto-Savvy Audience: Blockchain crowdfunding platforms

primarily attract users familiar with cryptocurrencies, which
limits the potential investor pool.
• Accessibility: Not everyone is comfortable with blockchain
technology or has the technical knowledge to participate in such
crowdfunding, potentially excluding a significant portion of
potential investors.

2. Technical Complexity:

• Blockchain Expertise: Developing and maintaining a

blockchain-enabled platform requires specialized technical
expertise, which can be costly and challenging to find.
• Smart Contract Vulnerabilities: Smart contracts can be
susceptible to vulnerabilities, and even small coding errors can
lead to significant financial losses.

3. Adoption:

• Network Effects: Traditional crowdfunding platforms benefit

from established user bases and network effects that can be
challenging for blockchain platforms to replicate.

PESMCOE, Department of Computer Engineering 2023 - 24 3

 CHAPTER 2
LITERATURE SURVEY
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

2.1 Literature Survey

Sr Research Paper Authors DOI Description

No
1 How to attract Yuanqing 3 Aug Decision making
low prosocial Li, Frank 2023, (El- patterns of
funders in crowd- Cabano, sevier) Investors, moti-
funding? Pingshu Li vation and re-
wards.Technique:
Review ar- ticle
2 Digital assets Enrico 27 Apr Protection of intel-
rights manage- Ferro A, 2023, (El- lectual
ment through Marco sevier) property rights,
smart legal con- Saltarella smart con- tracts
tracts and smart and fairer monetiza-
contracts. tion
Technique: Smart
contracts
3 A decentralized Yang Xu. 20 Apr Selection algorithm,
trust Quanlin 2023, (El- ap- proach to con-
management Li, Cheng sevier) front fraudulent
mecha- nism for Zhang crowdfunding and
crowdfunding. addressing pri-
vacy concerns.
Technique: Smart
contracts

Table 2.1: Literature Survey Table

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 CHAPTER 3
SOFTWARE REQUIREMENTS
SPECIFICATION
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

3.1 Assumptions and Dependencies

Yes, there are several assumptions and dependencies in a blockchain-enabled
crowdfunding system for equity ventures. These factors can significantly
impact the system’s functionality, success, and compliance. Here are some
common assumptions and dependencies:

Assumptions:
1. Regulatory Compliance: The system assumes that it complies
with relevant securities laws and regulations in the jurisdictions in which it
operates. Changes in regulations can have a profound impact on the system’s
operations.
2. User Trust: It assumes that users trust the blockchain technology
and the platform to maintain the integrity of transactions and security of
their investments.
3. Technological Reliability: The system assumes that the under-
lying blockchain technology is secure, reliable, and resistant to attacks. Any
vulnerabilities in the blockchain can pose risks to the crowdfunding system.
4. Scalability: It assumes that the blockchain chosen for the system
can handle the scalability requirements as the number of users and transac-
tions increases.
5. Smart Contract Accuracy: The system assumes that smart con-
tracts are accurately written and executed without errors. Flaws in smart
contracts can lead to unintended consequences.

Dependencies:
1. Blockchain Infrastructure: The system is dependent on the un-
derlying blockchain infrastructure for its functionality. Any issues or down-
time with the blockchain can impact the crowdfunding system’s performance.
2. User Adoption: The success of the crowdfunding system is de-
pendent on users’ willingness to participate as investors or fundraisers. A
lack of user adoption can limit the system’s effectiveness.
3. Security Measures: The system depends on robust security mea-
sures, including encryption, authentication, and access controls, to protect
user data and assets. Any weaknesses in these measures can lead to security
breaches.
4. Market Conditions: It may depend on favorable market condi-
tions for equity investments. Economic downturns or changes in investment
trends can affect the attractiveness of equity crowdfunding.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

Understanding these assumptions and dependencies is vital for the operators

of a blockchain-enabled crowdfunding system to manage risks, ensure com-
pliance, and provide a secure and reliable platform for investors and fundrais-
ers. It also highlights the importance of adaptability and preparedness in an
evolving regulatory and technological landscape.

3.2 Functional Requirements

Yes, there are several assumptions and dependencies in a blockchain-enabled
crowdfunding system for equity ventures. These factors can significantly
impact the system’s functionality, success, and compliance. Here are some
common assumptions and dependencies:
Assumptions:
1. Regulatory Compliance: The system assumes that it complies
with relevant securities laws and regulations in the jurisdictions in which it
operates. Changes in regulations can have a profound impact on the system’s
operations.
2. User Trust: It assumes that users trust the blockchain technology
and the platform to maintain the integrity of transactions and security of
their investments.
3. Technological Reliability: The system assumes that the under-
lying blockchain technology is secure, reliable, and resistant to attacks. Any
vulnerabilities in the blockchain can pose risks to the crowdfunding system.
4. Scalability: It assumes that the blockchain chosen for the system
can handle the scalability requirements as the number of users and transac-
tions increases.
5. Smart Contract Accuracy: The system assumes that smart
contracts are accurately written and executed without errors. Flaws in smart
contracts can lead to unintended consequences.

3.3 External Interface Requirements

3.3.1 Hardware Interfaces
- Server Infrastructure: Deploy servers or cloud instances to host the
DApps, blockchain nodes, and associated services.
- Compute Resources: Ensure storage (greater than or equal to 64 GB)
and RAM (greater than or equal to 4 GB) to handle the system’s computa-
tional needs.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

- Network Connectivity: A stable and high-speed internet connection is

essential for maintaining real-time communication with the blockchain net-
work.
- Backup and Recovery Systems: Setting up backup and recovery sys-
tems for both blockchain and user data to mitigate data loss risks.

3.3.2 Software Interfaces

- Blockchain Platform: Select a blockchain platform that suits your needs.
We’ll be using Ethereum and Polygon network that comply with smart con-
tract development.
- Wallet Integration: Integrate cryptocurrency wallets such as MetaMask
/ Trust Wallet.
- Security Tools: Implementation of security tools and frameworks like
OpenZeppelin to enhance the security of smart contracts.
- Data Analytics and Reporting Tools: Usage analytics and reporting
tools to generate performance metrics and reports for users and administra-
tors.
- Version Control: Use version control systems like Git to manage and
track changes in the software code.

3.4 Nonfunctional Requirements

3.4.1 Performance Requirements
• Scalability: The system will be capable of handling a growing number
of projects and users, with efficient resource allocation and minimal
performance degradation.

• Throughput: The system will ensure high transaction throughput

to handle a large volume of investment and fund transfer transactions
efficiently.

• Response Time: The system will maintain low latency in transaction

processing and page loading to provide a responsive user experience.

• Reliability and Availability: The system will have high availability,

with minimal downtime or maintenance windows.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

• Transaction Confirmation Time: Define acceptable transaction

confirmation times to provide clarity to users regarding fund transfers
and equity token issuance.

• Audit and Logging Performance: Efficiently log and audit system

activities without negatively impacting performance.

3.4.2 Safety Requirements

• Data Backup and Recovery: Regularly back up data and imple-
ment robust data recovery procedures to safeguard against data loss or
system failures.

• Business Continuity: Develop and maintain a comprehensive busi-

ness continuity plan to address potential disruptions to the platform’s
operations.

• Legal and Regulatory Compliance: Ensuring that the system com-

plies with all relevant legal and regulatory requirements to protect both
investors and fundraisers.

• Insurance: Considering the possibility of obtaining insurance coverage

to protect against certain unforeseen events or losses.

3.4.3 Security Requirements

• Data Encryption: Employ strong encryption mechanisms to protect
sensitive user data, transaction information, and communications.

• Access Control: Define and enforce strict access control policies to

prevent unauthorized access to system components.

• Smart Contract Security: Ensuring the security of smart contracts

to prevent vulnerabilities and exploits.

• User Data Privacy: Comply with data protection regulations and

uphold the privacy of user data.

• Compliance Monitoring: Regularly monitoring the platform’s com-

pliance with security standards and regulations.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

3.4.4 Software Quality Attributes

• Usability: Ensuring an intuitive user interface and experience to en-
hance user adoption and satisfaction.
• Reliability: The system should be reliable, with minimal errors, crashes,
or downtime.
• Maintainability: Design the platform with modular and maintainable
code, making it easier to update and enhance.
• Scalability: The system should scale horizontally to accommodate an
increasing number of users and transactions.
• Interoperability: Ensure compatibility with various devices, browsers,
and operating systems.
• Efficiency: Optimize resource usage to maximize performance and
minimize operational costs.

3.5 System Requirements

3.5.1 Database Requirements
• Blockchain: Choose a blockchain platform that aligns with your sys-
tem’s goals. For our project, we’ll be using Ethereum.
• Database for User Data: (IPFS) is a decentralized and peer-to-
peer distributed database technology often used in blockchain systems.
It stores data across a network of nodes, making it resilient to single
points of failure, and offers efficient content retrieval by addressing files
through unique cryptographic hashes.
• Data Backup: Set up regular backups for user and project data on a
separate server or storage system to prevent data loss.

3.5.2 Software Requirements

• Blockchain Platform: Select a blockchain platform that suits your
needs. We’ll be using Ethereum and Polygon network that comply with
smart contract development.
• Wallet Integration: Integrate cryptocurrency wallets such as Meta-
Mask / Trust Wallet.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

• Security Tools: Implementation of security tools and frameworks like

OpenZeppelin to enhance the security of smart contracts.

• Data Analytics and Reporting Tools: Usage analytics and report-

ing tools to generate performance metrics and reports for users and
administrators.

• Version Control: Use version control systems like Git to manage and
track changes in the software code.

3.5.3 Hardware Requirements

• Server Infrastructure: Deploy servers or cloud instances to host the
DApps, blockchain nodes, and associated services.

• Compute Resources: Ensure storage (greater than or equal to 64

GB) and RAM (greater than or equal to 4 GB) to handle the system’s
computational needs.

• Network Connectivity: A stable and high-speed internet connection

is essential for maintaining real-time communication with the blockchain
network.

• Backup and Recovery Systems: Setting up backup and recovery

systems for both blockchain and user data to mitigate data loss risks.

3.6 Analysis Models:SDLC Model to be ap-

plied
1. Planning & Requirement Analysis:

• Conduct initial planning meetings with stakeholders to gather re-

quirements and define the crowdfunding process.
• Document the requirements, focusing on campaign creation, doc-
ument submission, and investor interactions (refer to the detailed
processes and categories from the provided images).
• Prioritize requirements and create a product backlog with user
stories.

2. System Design:

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

• Conduct design sprints to create system architecture, ensuring

blockchain integration for secure and transparent crowdfunding.
• Design the document submission and verification workflows.
• Develop wireframes and prototypes for user interfaces.

3. Implementation:

• Front-end Development:
– Develop user interfaces for campaign creation, document sub-
mission, and investor contributions in iterative sprints.
– Continuously integrate and test front-end components to en-
sure a smooth user experience.
• Back-end Development:
– Implement logic for managing campaigns, document verifica-
tion, and investor interactions.
– Ensure regular integration of back-end functionalities with the
front-end.
• Blockchain Development:
– Develop and deploy smart contracts on Polygon for handling
funds, compliance, and security deposits.
– Integrate blockchain functionalities with the overall system
iteratively.

4. Testing:

• Conduct unit tests and integration tests at the end of each sprint
to ensure all functionalities work as intended.
• Perform security testing to validate the integrity of blockchain
transactions.
• Use automated testing tools for continuous integration and de-
ployment (CI/CD) pipelines.

5. Deployment:

• Deploy the platform on a scalable cloud infrastructure in incre-

mental stages.
• Ensure smart contracts are live on the Polygon network and test
their deployment.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

• Use feedback from initial deployments to make iterative improve-

ments.

6. Maintenance & Updates:

• Monitor system performance and gather user feedback continu-

ously.
• Implement improvements based on user feedback and performance
data.
• Ensure ongoing security compliance by regularly updating smart
contracts and system components.
• Plan for regular updates and feature additions in future sprints.

This Agile-based approach ensures a flexible, iterative, and user-centric de-

velopment process, resulting in a robust and scalable crowdfunding platform.

Figure 3.1: SDLC [20]

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 CHAPTER 4
SYSTEM DESIGN
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

4.1 System Architecture

Figure 4.1: System Architecture

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

4.2 Data Flow Diagrams / UML Diagrams

Figure 4.2: Data Flow

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

Figure 4.3: Campaign Request

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

Figure 4.4: Wallet transaction

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

4.3 Entity Relationship Diagrams

Figure 4.5: Entity Relationship

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 CHAPTER 5
PROJECT PLAN
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

5.1 Project Estimate

5.1.1 Reconciled Estimates
Time Estimate: 4-5 months

5.1.2 Project Resources

Human Resources
1. Number of People- 4
2. Skills: React, Solidity
3. Stakeholders

5.2 Risk Management

5.2.1 Risk Identification
1. Smart Contract Bugs
2. Security Risks
3. Regulatory Compliance

ID Risk Description Probability Impact

1 Smart Contract Bugs Moderate Moderate
2 Security Risk Low High
3 Regulatory Compliance Moderate High
Table 5.1: Risk table

5.2.2 Risk Analysis

1. Smart Contract Bugs: Moderate impact, moderate likelihood.

2. Security Risks: High impact, low to moderate likelihood.

3. Regulatory Compliance: High impact, low likelihood (depending on

the jurisdiction).

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

5.2.3 Project Task Set

1. Idea Research

2. Idea Finalization

3. Software and Hardware requirements

4. Necessary installations

5. Develop frontend

6. Develop Backend

7. Testing

5.2.4 Task Network

Task Network is a graphic representation of the task flow for a project. It
depicts sequence, concurrency and dependency. It points out inter-task de-
pendencies to help the team ensure continuous progress towards project com-
pletion

5.3 Team Organization

5.3.1 Team Structure
The project team consists of four people:

• Parth Gaikwad - Smart Contract development, partial documentation.

• Gaurav Kaulagi - Software Design, Research and partial documenta-

tion.

• Gaurav Sarage - Frontend development, Integration of frontend and

backend.

• Yogesh Shete - Smart Contract development and partial documenta-

tion.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

5.3.2 Management Reporting and Communication

We have to report to the following staff:

1. Internal Guide - Guidance on deciding project path, documentation,

testing, and deployment.

2. Project Coordinator - Guidance on documentation and coding style.

Any progress or doubts are cleared by the internal guide.

Any progress or doubts are cleared by the internal guide. Any changes
or suggestions are made/adhered to.

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 CHAPTER 6
PROJECT IMPLEMENTATION
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

6.1 Overview of Project Modules

1. Smart Contract Core Functions:

• Description: Defines main functionalities including campaign

creation, contributions, withdrawals, and refunds.
• Components: ‘createCampaign‘, ‘contribute‘, ‘withdrawFunds‘,
‘refundIfExpired‘, events (‘CampaignCreated‘, ‘Contributed‘, ‘With-
drawn‘).

2. Event Logging and Monitoring:

• Description: Logs campaign activities for transparency and mon-

itoring.
• Components: Events to notify external systems (‘CampaignCre-
ated‘, ‘Contributed‘, ‘Withdrawn‘).

3. Contributor and Campaign Management:

• Description: Manages contributors’ contributions and campaign

statuses.
• Components: ‘getCampaignContributions‘, ‘contributors‘ array,
‘contributions‘ mapping.

4. Risk Management and Compliance:

• Description: Identifies risks and ensures compliance with regu-

latory requirements.
• Components: Risk identification, analysis, mitigation, and com-
pliance strategies.

5. User Interface (UI) Integration:

• Description: Integrates with a user interface for platform inter-

action.
• Components: Web interface for campaign creation, contribu-
tion, and withdrawal.

6. Security and Auditing:

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

• Description: Ensures smart contract security and conducts au-

dits.
• Components: Secure coding practices, security audits, and third-
party verification.

7. Deployment and Maintenance:

• Description: Deploys and maintains operational smart contracts.

• Components: Deployment process, continuous monitoring, and
updates.

8. Testing and Quality Assurance:

• Description: Ensures functionality and reliability through test-

ing.
• Components: Unit testing, integration testing, user acceptance
testing.

6.2 Tools and Technologies Used

1. Programming Language:

• Solidity

2. Technologies, Libraries and Frameworks:

• React

3. IDE:

• RemixIDE

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 CHAPTER 7
SOFTWARE TESTING
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

7.1 Types of Testing

There are various types of testing applicable to a blockchain-based crowd-
funding system for equity ventures:

1. Unit Testing
Unit testing involves testing individual units or groups of related units.
In the context of our blockchain-based crowdfunding system, unit test-
ing ensures that each smart contract function behaves as expected,
such as verifying the accuracy of calculations for contributions and
withdrawals.

• For Example:
Unit testing could involve verifying if the smart contract accu-
rately calculates and records contributions during a crowdfunding
campaign.

2. Integration Testing
Integration testing verifies the interaction between various modules or
subsystems within the system. For our system, integration testing en-
sures that different smart contracts, such as those managing contribu-
tions and campaign status, work seamlessly together.

3. System Testing
System testing evaluates the complete, integrated system’s compliance
with requirements and assesses its overall performance, including load
handling and security. In our context, system testing ensures that the
blockchain-based crowdfunding platform functions correctly, meeting
regulatory compliance and security standards.

• For Example:
System testing could involve verifying that the platform handles
a large volume of transactions securely and efficiently.

4. Functional Testing
Functional testing checks if the specified functionality in the system
requirements works correctly. In the context of our system, functional
testing ensures that features such as campaign creation, contributions,
and fund withdrawals operate as expected.

5. Stress Testing
Stress testing evaluates the system’s behavior under unfavorable con-
ditions, such as high transaction volumes or network congestion. For

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

our system, stress testing ensures that it remains stable and responsive
even during peak usage periods.

6. Performance Testing
Performance testing assesses the system’s speed and efficiency to ensure
it meets performance requirements. In our case, performance testing
evaluates the platform’s ability to process transactions within specified
timeframes and handle concurrent user interactions.

• For Example:
Performance testing might involve measuring the platform’s trans-
action processing speed and latency.

7. Regression Testing
Regression testing ensures that new developments or modifications do
not adversely affect existing functionalities. In our system, regression
testing verifies that updates to smart contracts or platform features do
not introduce errors or unintended behavior.

• For Example:
Regression testing could involve confirming that adding new fea-
tures, such as additional security measures, does not disrupt ex-
isting platform operations.

8. Beta Testing
Beta testing involves releasing a pre-version of the product to end-
users or a limited audience to gather feedback and identify potential
issues. In our context, beta testing allows us to collect user feedback
and address any unforeseen errors or usability issues before the full
release of the crowdfunding platform.

• For Example:
Beta testing may involve inviting a select group of users to inter-
act with the platform and provide feedback on its usability and
functionality.

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CHAPTER 8
RESULTS
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

8.1 Outcomes
8.1.1 Contributor

Figure 8.1: Front page

Figure 8.2: Flow

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

Figure 8.3: Login page

Figure 8.4: Contributor Dashboard

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

Figure 8.5: Contribute

Figure 8.6: Campaign details

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

8.1.2 Fundraiser

Figure 8.7: Login page

Figure 8.8: Fundraiser Dashboard

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

Figure 8.9: Campaign Creation

Figure 8.10: Frequently Asked Questions

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 CHAPTER 9
CONCLUSIONS
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

9.1 Conclusions
In conclusion, the implementation of a scalable crowdfunding system using
blockchain technology, with a focus on Polygon, has the potential to re-
define the landscape of fundraising for equity ventures. This cutting-edge
platform offers a secure and user-centric environment, setting new indus-
try standards and revolutionizing the way capital is raised and invested. By
leveraging blockchain’s inherent security features, the system effectively erad-
icates fraud, providing a level of transparency and trust that was previously
unattainable. This heightened security extends to enhanced privacy for all
participants, safeguarding sensitive data and personal information. Further-
more, the platform’s efficiency in fundraising is a game-changer. Fundraisers
and investors alike benefit from personalized experiences, making the process
not only more accessible but also more engaging. The user-centric approach
ensures that the platform caters to the unique needs and preferences of its
users, enhancing their overall experience. In this era of technological ad-
vancement, the integration of blockchain and Polygon in crowdfunding for
equity ventures marks a significant leap forward. It paves the way for a future
where fundraising is not just a transaction but an interactive, secure, and ef-
ficient journey, ultimately shaping the way innovation and entrepreneurship
are funded and supported. As this platform gains momentum, it has the
potential to redefine the very essence of equity crowdfunding, making it a
more accessible, secure, and personalized experience for all participants.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

9.2 Future Work

The future scope of this blockchain-enabled crowdfunding system using Poly-
gon includes expanding use cases beyond equity ventures to include charity,
real estate, and creative projects. Integrating decentralized finance (DeFi)
services and enabling interoperability with other blockchains will enhance
financial capabilities and flexibility. Incorporating AI and machine learning
can provide predictive analytics and personalized recommendations, while
continuous improvements in security protocols will maintain high trust lev-
els. The platform can also adapt to evolving regulatory landscapes with
robust compliance mechanisms, support global reach through multilingual
and international regulatory compliance, and foster community engagement
with interactive features. Implementing eco-friendly blockchain practices can
position the platform as a leader in responsible and ethical crowdfunding.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

9.3 Applications
Blockchain-enabled crowdfunding systems have a wide range of applications
across various industries. They leverage the benefits of blockchain technol-
ogy, such as transparency, security, and decentralization, to transform how
fundraising and investments are conducted. Here are some key applications
of blockchain-enabled crowdfunding systems:

1. Startup Funding and Equity Crowdfunding:

• Entrepreneurs and early-stage companies can raise capital by sell-

ing equity tokens or shares to a global pool of investors.
• Investors receive tokens representing ownership in the company,
enabling them to participate in profit sharing and governance.

2. Initial Coin Offerings (ICOs) and Token Sales:

• Blockchain-based projects can launch ICOs or token sales to fund

their development and operations.
• Contributors purchase project-specific tokens that may have var-
ious use cases within the ecosystem.

3. Real Estate Crowdfunding:

• Real estate developers can tokenize properties, allowing investors

to buy fractional ownership or real estate-backed tokens.
• This enables individuals to invest in real estate with lower capital
requirements and increased liquidity.

4. Venture Capital and Private Equity:

• Venture capital firms can use blockchain crowdfunding for deal

syndication, co-investment opportunities, and secondary market
liquidity for their portfolio companies.
• Private equity funds can tokenize assets, providing more accessible
investment opportunities.

5. Tokenized Securities Trading:

• Secondary markets for tokenized securities allow investors to buy

and sell their equity tokens, enhancing liquidity.
• This opens new opportunities for traders and investors.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

6. Technology and Innovation Funding:

• Innovators and technology startups can use blockchain crowdfund-

ing to fund research and development projects.
• Investors may receive tokens representing future intellectual prop-
erty rights or product benefits.

7. Community Projects and Infrastructure:

• Local governments and communities can raise funds for public

projects and infrastructure improvements.
• Residents can invest in projects that directly impact their com-
munities.

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 ANNEXURE A
FEASIBILITY ASSESSMENT
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

A.1 Technical Feasibility

To analyze the feasibility of the proposed problem statement for creating a
blockchain-enabled crowdfunding system for equity ventures, we can assess
its technical feasibility:

1. This project will be implemented using blockchain technology, specifi-

cally Ethereum and Polygon networks.

2. Smart contracts will be developed using Solidity programming language

to define the functionalities of the crowdfunding system.

3. Integration with various software interfaces such as cryptocurrency wal-

lets (e.g., MetaMask, Trust Wallet) and security tools (e.g., OpenZep-
pelin) will be necessary.

4. The system will require hardware infrastructure for server deployment,

compute resources, network connectivity, and backup and recovery sys-
tems.

A.2 Schedule Feasibility

This project involves several modules and phases, including:

1. Planning & Requirement Analysis

2. System Design

3. Implementation

4. Testing

5. Deployment

6. Maintenance & Updates

A detailed project schedule with milestones and timelines will be developed

to ensure that the project progresses according to plan, considering depen-
dencies, potential delays, and contingencies for schedule slippage.

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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

A.3 Economic Feasibility

By estimating the overall budget required for the project, including research
and development, hardware and software costs, and operational expenses,
and considering the market demand for blockchain-enabled crowdfunding
systems, this project appears economically feasible.

A.4 Computational Complexity of the Prob-

lem Statement
This problem statement involves the development of a blockchain-enabled
crowdfunding system for equity ventures. While it does not directly fit into
the categories of NP-hard or NP-complete problems, certain subproblems
may pose computational challenges. For example:

1. Optimizing smart contract execution and transaction processing for

scalability and efficiency could involve complex algorithms.

2. Ensuring security and reliability in blockchain transactions may require

sophisticated cryptographic techniques.

3. Integrating with external systems and APIs while maintaining data

integrity and consistency can introduce computational complexity.

Overall, the problem statement is better described as a system integration

challenge involving various technologies (blockchain, smart contracts, secu-
rity measures) rather than a typical NP-hard or NP-complete problem.

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ANNEXURE B
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

[1] Title: ”How to Attract Low Prosocial Funders in Crowdfunding? Match-

ing among Funders, Project Descriptions, and Platform Types”
Authors: Yuanqing Li, Frank Cabano, Pingshu Li
Publication: 4 August 2023
Summary: The research investigates factors affecting funding success in
crowdfunding, specifically focusing on prosocial funders’ behavior. By inte-
grating the elaboration likelihood model and language expectancy theory, the
study demonstrates distinct decision-making patterns among funders with
high and low prosocial motivation. Through three experiments, evidence
is provided for the alignment/misalignment effects among funders’ proso-
cial motivation, project descriptions, and platform types (donation-based vs.
reward-based). Participants with low prosocial motivation show a preference
for projects with alignment between prosocial description and platform type.

[2] Title: ”Digital Assets Rights Management through Smart Legal Con-
tracts and Smart Contracts”
Authors: Enrico Ferro, Marco Saltarella, Domenico Rotondi, Marco Gio-
vanelli, Giacomo Corrias, Roberto Moncada, Andrea Cavallaro
Publication: 27 April 2023
Summary: This paper presents an innovative approach to digital rights
management using smart legal contracts and blockchain smart contracts.
The research addresses the evolving landscape of intellectual property rights
management in the digital era. By leveraging blockchain technology, the pro-
posed approach aims to provide a trustworthy and immutable environment
for managing digital rights and streamlining royalty payments. The study
contributes to advancing the literature on IPR management and may lead to
fairer monetization processes for content creators.

[3] Title: ”A Decentralized Trust Management Mechanism for Crowdfund-

ing”
Authors: Yang Xu, Quanlin Li, Cheng Zhang, Yunlin Tan, Ping Zhang,
Guojun Wang, Yaoxue Zhang
Publication: 16 April 2023
Summary: This paper proposes a blockchain-based trust management mech-
anism for crowdfunding to address fraudulent behavior in existing crowdfund-
ing systems. The research introduces an auditor committee to credibly audit
crowdfunding projects and presents an incentive mechanism to encourage
accurate audits. Theoretical analyses and experiments demonstrate the ef-
fectiveness of the proposed scheme in dealing with malicious behaviors while
minimizing overhead.

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 ANNEXURE C
PLAGIARISM REPORT OF
PROJECT REPORT
Figure C.1: Plagiarism Report
CHAPTER 10
REFERENCES
Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

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[2] Enrico Ferro, Marco Saltarella, Domenico Rotondi. ”Digital assets rights
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[3] Cristina Viano, Sowelu Avanzo, Guido Boella, Claudio Schifanella, Vin-
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Blockraise: A Scalable Blockchain Enabled Crowdfunding System for Equity Ventures

[15] William Lewis, Elizabeth Taylor. ”Cybersecurity implications of

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321166939

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