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

Understanding smart contracts and blockchain-based workflows

Smart contracts are automated workflows written on top of the blockchain ledger that can read and write to the blockchain ledger and update the state of the blockchain system. What makes them special is that once they are deployed, they cannot be modified or controlled by external accounts (human-controlled accounts). They will always behave in accordance with the code written into them. This makes them perfect for creating time- or condition-based escrows that can operate without the involvement of a middleman.

Let's take an example. Alice wants to buy a car from Bob, but she will pay Bob the money and take possession of the car only if Bob gets a no objection certificate (NOC) issued for harmful emissions. Bob, on the other hand, doesn't want to spend more money on repairing his old car because he is worried...