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 federation servers

The federation server will be used by the banks to resolve the customer's friendly IDs into their receiving Stellar account ID and the peripheral information required to process the received transaction. Follow these steps to set up the federation servers:

  1. Download the federation server release from the Stellar website here (https://github.com/stellar/go/releases/tag/federation-v0.2.1).
  2. Select the binary corresponding to your OS version and extract the binary file.
  3. Copy the extracted folder and paste and create two copies of the extracted folders labeled federationA and federationB.
  4. Open the federation.cfg file within the extracted folders in a text editor. Configure it like so for the federation for Bank A:
port = 8001

[database]
type = "postgres"
dsn = "postgres://bankauser:bankauser@localhost/banka?sslmode=disable"

[queries...