A Blockchain-Based Crowdsourcing Loan Platform for Funding Higher Education in Developing Countries

Aim:      

          The platform leverages blockchain technology to address the financial barriers hindering educational pursuits in these regions by providing a decentralized and secure ecosystem that connects students, lenders, and educational institutions.

Abstract:

          In response to these challenges, this work revolutionary approach by integrating blockchain and crowdsourcing into the student loan system. In developing countries, funding is a significant obstacle to receiving higher education. Brilliant but needy students cannot complete their studies since their parents are unemployed and their countries’ economies are poor. As a result, the students’ talents are not harnessed to their full potential. In order to help students obtain higher education and harness their full potential, governments provide student loans to students in higher education. The government provides loans to students through the ministry of education. The students pay back the loan with interest when they start working. Governments have been the sole funders of student loans. The emergence of COVID-19 and the Russia-Ukraine war have resulted in a global economic crisis. Because of the global economic crisis, the government’s spending has increased. In order to help reduce the burden of government and thereby reduce spending, we intend to revolutionize the student loan program through blockchain and crowdsourcing. This work presents a blockchain-based crowdsourcing decentralized loan platform where investors will be brought on board to provide funds for students in higher education. The platform will allow students to apply for loans from investors through registered financial institutions. The students will pay back the loans with interest when they enter the workforce.

Existing System:

          We investigate the existing Crowdsourcing Loan platform for funding higher education this platform will allow students to fund their education, investors will get interest on the money they invest, and governments can channel the money they put into student loan programs into other avenues. University students have many obstacles to overcome to achieve their best academic results .There is no banking application in the existing crowdsourcing platform.

Disadvantage:

           While the blockchain-based crowdsourcing decentralized loan platform presents an innovative solution to the funding challenges in higher education, potential disadvantages include the volatility of blockchain technology, the unpredictability of crowdsourced funding, regulatory concerns, and potential issues related to digital literacy.

Proposed System:

          The proposed platform will allow students to fund their education, investors will get interest on the money they invest. Tasks that include a type and location are uploaded to the system by requesters and including the bank application in blockchain-based crowdsourcing loan platform proposed a blockchain-based platform that provided sponsorship for students in higher education. Investors provided the sponsorship A group of competing agents raises funds and organizes and maintains them.

Advantage:

• Blockchain-based crowdsourcing loan platform is developed in web application.
• Student can easily apply and get the loan amount.
• The information can be easily manipulated by an investors and brokers.
• Once data is stored on a blockchain, it is nearly impossible to alter it. It is easy to understand the working principles of blockchain technology by comparing them to a Google Docs file.