Book Image

Blockchain Development for Finance Projects

By : Ishan Roy
Book Image

Blockchain Development for Finance Projects

By: Ishan Roy

Overview of this book

Blockchain technology will continue to play an integral role in the banking and finance sector in the coming years. It will enable enterprises to build transparent and secure business processes. Experts estimate annual savings of up to 20 billion dollars from this technology. This book will help you build financial apps using blockchain, guiding you through enhancing popular products and services in the banking and finance sector. The book starts by explaining the essential concepts of blockchain, and the impact of blockchain technology on the BFSI sector. Next, you'll delve into re-designing existing banking processes and building new financial apps using blockchain. To accomplish this, you'll work through eight blockchain projects. By demonstrating the entire process, the book helps you understand everything from setting up the environment and building frontend portals to system integration and testing apps. You will gain hands-on experience with the Ethereum, Hyperledger Fabric, and Stellar to develop private and public decentralized apps. Finally, you'll learn how to use ancillary platforms and frameworks such as IPFS, Truffle OpenZeppelin, and MetaMask. By the end of this blockchain book, you'll have an in-depth understanding of how to leverage distributed ledgers and smart contracts for financial use cases.
Table of Contents (17 chapters)
Section 1: Blockchain Payments and Remittances
Section 2: Blockchain Workflows Using Smart Contracts
Section 3: Securing Digital Documents and Files Using Blockchain
Section 4: Decentralized Trading Exchanges Using Blockchain
Appendix: Application Checklist

Tamper-proof document storage using blockchain

The consensus algorithm of blockchains makes it virtually impossible to alter any data once it is stored in the blockchain. The consensus algorithm of a blockchain is an elaborate mechanism that ensures that the data captured on all the nodes in the blockchain network (the participating computers or servers that store a copy of the blockchain ledger) is uniform. This means that the data stored on each node, as well as the sequence in which the data is organized, is the same throughout all the nodes in the network.

This also means that once data is written or captured in a blockchain, it is virtually immutable—that is, it cannot be modified as long as the blockchain network remains unchanged. If the recorded data on one of the nodes is altered, the consensus algorithm prevents the altered data from being written to the other...