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 ERC20 and ERC721 smart contract standards

To understand ERC20 and ERC721 contract standards, first, let's look at the concept of fungibility. Fungibility is used to describe the property of an asset where individual units do not hold a special value and can be replaced with another unit of the asset. A good example of this a 10 dollar bill. If you have a 10 dollar bill and I have a 10 dollar bill, they both hold the same value, which is 10 dollars. The bill would not have a higher or lower value depending on who is the owner of the bill. The bills can replace each other very easily. Hence, a 10 dollar bill is a fungible asset. All currency is essentially fungible in nature.

Now, take the case of a different kind of asset. If both of us owned a 400-square foot apartment and yours was in New York City and mine in New Delhi, the monetary value of both the apartments...