Decentralised-System-of-Banking

Idea

Decentralised System of Banking for Fund Raising

To create a decentralised system of banking for fund raising, on Ethereum using blockchain technology.

Problems with today's fundraising applications like KickStarter and Ketto.

The contributors and the donators have no knowledge of where their donated money is being used at or for. They have no control of their raised funds once the contribution have been made. According to a research, 9% of the projects on KickStarter fail to deliver the product. The person who started the funding campaign may use the funds for his/her personal needs thereby dissolving the essence of whole fund raising idea. These are the cases of bank money frauds and to reduce it, the system should be made decentralised. Blockchain with Ethereum would not only help in the economy of the nation but also would reduce the flow of money in some hands only.

Our idea

It is to implement a decentralised application on Ethereum Network using blockchain technology. This will make the banking system totally decentralised for activities like fund raising. There will be a central smart contract which will take care of all the banking transactions. Anyone, who wants to raise the funds for his/her startup can start a campaign through the application. The contributors can donate the money to the smart contract that we will deploy. Then the person who started the campaign or manager, request the smart contract to create a request to transfer the required funds to the desired vendor. Every contributor agrees to the created request and consensus if formed. If the number of approvals is greater than 50% of the total contributors or donators, the manager of the raised request can finalise the request and the transaction takes place from the contract to the vendors. This will reduce frauds and would help in delivering a robust system of banking. During each request of transfer of funds from smart contract to the vendors, there will be a check and the money cannot be used for one's personal needs.

Graphical representation

Youtube:

https://www.youtube.com/watch?v=KWJuRJJsOVM

Instructions

Tools Required:

1. MetaMask

2. Node Package Manager

How to Run:

1. Clone the repository

2. On terminal >> npm install

3. On terminal >> npm run start

4. Connect MetaMask to the Rinkeby Test Network

Other dependencies that were installed during project creation:

On terminal >> npm install --save ganache-cli mocha solc fs-extra web3@1.0.0-beta.26

Screenshots:

List of available campaigns:

MetaMask:

Creating a new Campaign:

Final MetaMask confirmation for creating a new campaign as some Gas is used and it is a transaction:

New Campaign created:

The campaign that we just created:

Showing a pre-defined campaign:

Contributing to that particular campaign (0.87 ether):

Campaign Balance goes up by 0.87 ether, reached 21.09 ether.

Requests raised by that particular campaign:

Testing of the Smart Contracts in REMIX

Deployed Contracts:

Campaign Factory and Campaign Smart Contract with different functions: