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

Setting up the bank databases

We need to set up databases for both Bank A and Bank B, which will hold the customer data and transaction data. I'm using a postgresql database for the same. Feel free to use MySQL or any other database that you see fit for your purpose.

If you are not using postgresql , jump to the sub-section on creating the bank databases.

Installing postgresql

To install postgresql on Ubuntu, use apt install, as shown in the following code snippet:

$sudo apt install postgresql postgresql-contrib

For CentOS or Red Hat Enterprise Linux (RHEL), use the following commands:

$sudo yum install postgresql-server postgresql-contrib
$sudo postgresql-setup initdb
$sudo systemctl start postgresql

Let's create...