FairEco [FECO] -Crowdfunding Platform Challenges

One of interesting issues from crowdfunding arises when a project receiving
fundraising decides to terminate its operation as it fails to deliver a good or
service as promised, fails to fulfill a contract, does not have an outcome as
announced and does not refund back to the backers even if the project
receives full financial support. This irresponsibility results in the negative
image about the crowdfunding ecosystem.No damage control from funding support to projects is another issue that
no crowdfunding platform proposes prevention or damage control
measures for funds which a backer give to a maker in a particular project.
This issue includes no substantial operation monitoring. This causes makers
increasingly not to be responsible for project implementation.Project development often face with challenges and this is what the maker
has to deal with and continuously solve problems during project
implementation, such as different legal issues across countries, operation
expense, manufacturing cost, marketing expense, fees from each stage, and
financial tax and interest which must be taken into account closely, through
the end. Those problems do not include other expenses like the cost to hire
qualified and competent personnel. These numerous factors are the main
reason which causes successful fundraising projects to be unable to achieve
the target or to approach the milestone late.Problems of crowdfunding system can lead to loss of investment funds or
high pressure which a maker has to assume the risks on project creation
and operation to achieve the project objectives, but the crowdfunding
system does not facilitate means to deal with such issues, such as no refund
in case of project termination prior to good or service delivery and damage
limitation from fundraising. All of these issues must be considered seriously.To ensure that funds raised from backers for a project will be used by the
marker effectively, problems and challenges must be resolved throughout
project development in order to deliver goods and services on time. And this
is the objective of FairEco crowdfunding platform on the blockchain
technology.