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 trading currency assets

We have to create three currency assets on our private network for trading. These are USD, GBP, and EUR. To create new assets on a network, we need to carry out the following three steps in order:

  1. Create a new asset object
  2. Extend trustlines to the receiving accounts
  3. Transfer the assets from the issuing account

Let's look at these, one by one.

Creating a new asset object

Creating an asset object on the Stellar network is an easy affair. You simply need to use the Asset method of the Stellar SDK. The Asset method has two input parameters—asset code and issuer account. The asset code is an alphanumeric code, used to refer to the asset. The issuer account is the account used to create...