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)
1
Section 1: Blockchain Payments and Remittances
7
Section 2: Blockchain Workflows Using Smart Contracts
9
Section 3: Securing Digital Documents and Files Using Blockchain
11
Section 4: Decentralized Trading Exchanges Using Blockchain
Appendix: Application Checklist

Creating an API for generating dynamic payment addresses

For creating dynamic wallet addresses on the fly for each payment request, we will be setting up an HD wallet for the merchant who is accepting payment for their products from the e-commerce gateway.

HD wallets allow us to create a set of hierarchical wallet addresses derived from the same mnemonic. If the merchant can safely preserve one mnemonic phrase, they can manage all of the addresses using the same string of words.

For providing dynamically generated, hierarchically linked addresses to our payment gateway, we'll be setting up a Node.js app with a get API service. The payment gateway can use this service to fetch a new address from the merchant's HD wallet:

  1. Create a new Node.js project directory as shown in the following. Let's call this hdwallet.
  2. Run the mkdir hdwallet command.
  1. Run npm init to create...