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

Migrating the smart contract code using Truffle

To work with our contracts, we first need to migrate these contracts to our test blockchain. Migrations carry out the following tasks:

  • They deploy the compiled contract code to the blockchain.
  • They establish interlinking between dependent contracts.
  • They initialize the initial values through the constructor.
  • Lastly, and most importantly, they manage the different versions of the contracts deployed. In the traditional model, every time a contract is deployed, a new Ethereum address is generated that then needs to be updated to the code of the blockchain application. Truffle allows us to abstract this concept and invoke the contract directly through a contract object instead of the address.

To deploy the smart contracts, first bring your Ganache blockchain online. Make sure your Ganache test server is running on localhost:8545....