For a long time, due to the limitations of traditional financial institutions and small and medium-sized enterprises, most SMEs have not been able to obtain sufficient development funds. The main reason is the information asymmetry between financial institutions and enterprises, as well as limited fundraising channels for SMEs. In recent years, blockchain technology has become a global hotspot due to its characteristics of decentralization, transparency, anonymization, and traceability mechanisms. It is considered to be the core digital technology of the next-generation technological revolution and has great development potential. A literature review is employed in this article to list the technical architecture of the blockchain technology, introduces the meaning and characteristics of the blockchain technology, analyses how the blockchain technology fundamentally eliminates the problem of information asymmetry from the technical level, checks the existing proposals for SMEs to apply the blockchain technology for fundraising. Based on the evaluation of existing approaches, with a combination of exploratory and descriptive research methods, this article proposes of building a comprehensive solution to find the path for SMEs to conveniently raise funds applying the blockchain technology.

DOI: https://doi.org/10.3846/bm.2023.1068