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

Building the transaction listeners for the banks

We need to build a transaction listener, to detect incoming transactions to the bank's customers. We need one for Bank A and one for Bank B.

The transaction listener will carry out the following tasks:

  • Monitor the blockchain for the txCreated event. The txCreated event is triggered by the corprem whenever a new transaction is created using the method createTx.
  • In the case of an event being triggered, the listener checks the transaction payload to see if the receiving bank (trans.Rbank) is the bank hosting the transaction listener. Thus, the transaction listener for Bank A checks for transactions where the receiving bank is banka. Similarly, the transaction listener for Bank B checks if the receiving bank is bankb.
  • If the transaction is intended for the bank, the transaction listener fetches the customer's current balance...