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.

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Table of Contents (17 chapters)
Preface
Preface
Who this book is for
What this book covers
To get the most out of this book
Get in touch
1
Section 1: Blockchain Payments and Remittances
Section 1: Blockchain Payments and Remittances
Free Chapter
2
Blockchain in Financial Services
Blockchain in Financial Services
Present-day banking and finance systems
Understanding blockchain technology
Blockchains for financial services
How to approach implementing a blockchain solution
Implementation strategies
Popular distributed ledger platforms for financial applications
Summary
3
Building a Blockchain Wallet for Fungible and Non-Fungible Assets
Building a Blockchain Wallet for Fungible and Non-Fungible Assets
Technical requirements
Understanding ERC20 and ERC721 smart contract standards
Writing the smart contract code
Migrating the smart contract code using Truffle
Creating the token wallet frontend using ReactJS
Running our app
Connecting to the main Ethereum network
Summary
4
Designing a Payment Gateway for Online Merchants
Designing a Payment Gateway for Online Merchants
Technical requirements
Defining our blockchain payment ecosystem
Generating dynamic merchant addresses using HD wallets
Creating an e-commerce website and payment gateway
Creating an API for generating dynamic payment addresses
Building the merchant HD wallet
Running the payment ecosystem
Summary
5
Corporate Remittances and Settlement
Corporate Remittances and Settlement
Technical requirements
Understanding the blockchain corporate remittance application and network layout
Setting up the Hyperledger Fabric Bankchain network
Creating blockchain identities for the banks
Building the corporate remittance contract
Setting up the IPFS network
Setting up the bank databases
Building the bank backend servers
Building the transaction listeners for the banks
Creating the corporate remittance app frontend in React
Running the corporate remittance app
Summary
6
Enabling Cross-Border Remittances with Real-Time KYC/AML Verification
Enabling Cross-Border Remittances with Real-Time KYC/AML Verification
Technical requirements
Designing a workflow for blockchain cross-border remittance
Setting up a test network
Creating user accounts
Setting up the bank domains
Setting up the federation servers
Setting up the compliance server
Setting up the bridge server
Setting up the callbacks server
Building the bank portal
Running the remittance platform
Summary
7
Section 2: Blockchain Workflows Using Smart Contracts
Section 2: Blockchain Workflows Using Smart Contracts
8
Building a Letter of Credit Workflow Module Using Smart Contracts
Building a Letter of Credit Workflow Module Using Smart Contracts
Technical requirements
Understanding smart contracts and blockchain-based workflows
Creating a USD token for accounting
Deploying a USD token for accounting
Creating an LC Master smart contract
Creating an LC smart contract
Deploying the LC Master smart contract
Creating the LC module React app
Running the LC module
Summary
9
Section 3: Securing Digital Documents and Files Using Blockchain
Section 3: Securing Digital Documents and Files Using Blockchain
10
Building a Tamper-Proof Document Storage System
Building a Tamper-Proof Document Storage System
Technical requirements
Tamper-proof document storage using blockchain
Setting up the Hyperledger Fabric network
Writing and deploying the DocsApp chaincode
Building the backend services
Creating a React frontend for the app
Running the tamper-proof application
Summary
11
Section 4: Decentralized Trading Exchanges Using Blockchain
Section 4: Decentralized Trading Exchanges Using Blockchain
12
Building a Decentralized Trading Exchange
Building a Decentralized Trading Exchange
Technical requirements
Decentralized trading exchanges
Issuing the trading assets
Orderbook smart contract
Building the exchange app
Running the exchange app
Summary
13
Developing a Currency Trading Exchange for Market Making
Developing a Currency Trading Exchange for Market Making
Technical requirements
Introducing the distributed currency trading exchange
Building the private test Stellar network
Creating the user accounts
Creating trading currency assets
Building the currency trading exchange
Running the currency exchange
Summary
14
Looking into the Future
Looking into the Future
Summarizing our journey
Extending concepts to other applications
The road ahead – some additional blockchain concepts
Conclusion
15
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Appendix: Application Checklist
Appendix: Application Checklist
Application checklist

Technical requirements

The code files of this chapter are available at https://github.com/PacktPublishing/Blockchain-Development-for-Finance-Projects/tree/master/Chapter%208.

We'll be using the following sources to develop our project:

To install Ganache on Ubuntu, you might need to change some settings. Click on the drop-down menu next to the directory name. Select Preferences. Navigate to the Behavior tab. Under Executable Text Files, set the option to Ask what to do. Navigate back to the file downloaded from the Ganache download link. Right-click on the file and click on properties. Select the Permissions tab. Select the Allow executing files as program option. Now...
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