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

Designing a workflow for blockchain cross-border remittance

For this project, you will attempt to build a prototype that seeks to eliminate inefficiencies in cross-border remittance. For the current project, we will be using the Stellar protocol, which comes with inbuilt modules that can be leveraged for KYC/AML workflows. For our project, we'll be building a remittance network with two banks, Bank A and Bank B. Each bank will have an in-house IT infrastructure with the following components:

  • A user/customer database.
  • A transactions database, which keeps a log of all incoming/received transactions and related metadata.
  • A sanctions database, which holds sanction approvals for financial institutions and remitters.
  • A compliance module, which will be used to carry out AML/KYC checks for payments.
  • A federation module that allocates user-friendly payment addresses for customers...