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

Creating the user accounts

Before we can create our assets and exchange, we need to create our user accounts. Stellar accounts are similar to Ethereum accounts, and they allow users to interact with the Stellar network through transactions. They contain a public key (which is referred to as an account ID) and a secret key or private key, which is used to sign transactions submitted to the ledger.

The stellar-sdk provides a utility called Keypair.random, which generates a random ed25519 public-private key pair that can be used as a Stellar account. For a public-private key pair to be a valid account on the Stellar network, it needs a minimum balance of 20 lumens.

To create an account on our private network, we'll generate a new public-private key pair and fund it with a balance of more than 20 lumens.

To do so, we'll write a small node-js application that will generate...