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)
1
Section 1: Blockchain Payments and Remittances
7
Section 2: Blockchain Workflows Using Smart Contracts
9
Section 3: Securing Digital Documents and Files Using Blockchain
11
Section 4: Decentralized Trading Exchanges Using Blockchain
Appendix: Application Checklist

Summary

That wraps up our tamper-proof Blockchain app. In an enterprise scenario, you can use this app to detect any tampering and then replace the files from a backup, such as a disaster recovery site, if required. This is a simple prototype, and I'm sure that you can figure out multiple applications for this workflow in the different business processes of a financial organization, such as managing digital copies of customers' private documents, confidential files and business information, transaction data, and so on.

We started this chapter with the intention of leveraging the tamper-proof property, or immutability, of blockchains to build an app that will notify us when a record-keeping or document storage system has been tampered with. To that end, we set up a private Hyperledger Fabric network with two nodes, two organizations, and one channel. On the network, we...