Book Image

Blockchain for Enterprise

By : Narayan Prusty
Book Image

Blockchain for Enterprise

By: Narayan Prusty

Overview of this book

The increasing growth in blockchain use is enormous, and it is changing the way business is done. Many leading organizations are already exploring the potential of blockchain. With this book, you will learn to build end-to-end enterprise-level decentralized applications and scale them across your organization to meet your company's needs. This book will help you understand what DApps are and how the blockchain ecosystem works, via real-world examples. This extensive end-to-end book covers every blockchain aspect for business and for developers. You will master process flows and incorporate them into your own enterprise. You will learn how to use J.P. Morgan’s Quorum to build blockchain-based applications. You will also learn how to write applications that can help communicate enterprise blockchain solutions. You will learn how to write smart contracts that run without censorship and third-party interference. Once you've grasped what a blockchain is and have learned about Quorum, you will jump into building real-world practical blockchain applications for sectors such as payment and money transfer, healthcare, cloud computing, supply chain management, and much more.
Table of Contents (14 chapters)
Title Page
Packt Upsell
Contributors
Preface
Index

Overview of the payment system


In this chapter, we will build a payment solution to be integrated in mobile banking apps. This solution will let customers send payment using a cell phone number. Sending payments to anyone in the world using just a cell phone number would be the most friendly way to send payments.  

Our solution will use digitalized fiat currency for the settlement and clearance of InterBank transfers. To understand why we choose to use digitalized fiat currency as the medium of settlement, let's understand how the settlement and clearance is done for InterBank transfers and its issues.

Settlement and clearance of InterBank transfers

Let's first understand how domestic InterBank transfers work. Every county's central bank has one more different types of centralized electronic fund transfer systems. For example, the Immediate Payment Service (IMPS) in India, Automated Clearing House (ACH) in the US, and Electronic Funds Transfer (EFT) in Canada. These systems are used by the...