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 token wallet frontend using ReactJS

Now, let's create a simple wallet app in react.js to manage tokens. The wallet will have the following functionalities:

  • It will allow the user to send ERC20 and ERC721 tokens.
  • It can mint new tokens if the address owner is the contract owner for the token. Minting issues new ERC20 or ERC721 tokens and credits them to any Ethereum account on the network.
  • It will approve an Ethereum account to spend the tokens on the user's behalf. Certain use cases and workflows might require the user account to approve or authorize an external party to debit their account and transfer tokens. The approve functionality allows us to achieve the same.

I am assuming that you will have a basic understanding of the React framework for this project. I'll be focusing on the sections where our app interacts with the token contracts. You...