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

Creating a USD token for accounting

We need to create a USD currency token that will be used by us, simply for accounting purposes. In an enterprise application, this token will act as a dummy asset, mapped one to one to the actual funds owned by the bank. In our system, we'll use it to represent the funds allocated by the bank to the LC escrow account and track the movement of funds across the banking system.

Let's start writing our ERC20 smart contract, which will be used to issue and distribute this token, by following these steps:

  1. Start by creating the USD.sol file. We first declare the compiler version, as shown in the following code snippet:
pragma solidity ^0.5.2;
  1. Next, import the contracts that we need to create our ERC20 token, as follows:
import "openzeppelin-solidity/contracts/token/ERC20/ERC20Detailed.sol";
import "openzeppelin-solidity...