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.

Preface

Who this book is for

What this book covers

To get the most out of this book

Section 1: Blockchain Payments and Remittances

Section 1: Blockchain Payments and Remittances

Free Chapter

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

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

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

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

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

Section 2: Blockchain Workflows Using Smart Contracts

Section 2: Blockchain Workflows Using Smart Contracts

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

Section 3: Securing Digital Documents and Files Using Blockchain

Section 3: Securing Digital Documents and Files Using Blockchain

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

Section 4: Decentralized Trading Exchanges Using Blockchain

Section 4: Decentralized Trading Exchanges Using Blockchain

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

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

Looking into the Future

Looking into the Future

Summarizing our journey

Extending concepts to other applications

The road ahead – some additional blockchain concepts

Other Books You May Enjoy

Other Books You May Enjoy

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Appendix: Application Checklist

Appendix: Application Checklist

Application checklist

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Technical requirements

You can access the code files for this chapter through the following GitHub link: https://github.com/PacktPublishing/Blockchain-Development-for-Finance-Projects/tree/master/Chapter%209.

For this project, we'll be working with the stellar/quickstart Docker container, provided by the Stellar Development Foundation for trying out the Stellar platform. Details of the Docker image can be found at the following link: https://hub.docker.com/r/stellar/quickstart/.

I'm using Ubuntu 18.04.2 LTS for running the applications and deploying my blockchain. This project assumes that you are working on a Unix operating system. Additionally, this project assumes you have node.js and npm installed. I'm using node.js version 13.0.1 and npm version 6.12.0. You will also need the latest versions of Docker and Docker Compose.

We'll be launching a Docker container...