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

Understanding blockchain technology

Blockchain technology was invented to be the backbone for Bitcoin, the popular cryptocurrency. It is a distributed ledger spread across a permissioned or permissionless network. The participants of this network are referred to as nodes. Each node contains a copy of the ledger. To update the ledger, the participants in the network will propose a transaction or a set of transactions that should be added next to the ledger. Once the participants in the network come to an agreement on the next set of transactions, they will add the transactions to their local copy of the ledger. This way, the sanctity and uniformity of the ledger across the nodes are maintained.

Data is added in "blocks" of transactions. Each block contains the hash value of the header of the previous block. (A hash function generates a unique output of fixed length for...