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 an LC smart contract

The LC smart contract will serve as an interface for the LC Master contract so that we can create and deploy a new contract. The smart contract will consist of the following components:

  • Data structure
    • LCNew: To capture and store the LC details
  • Functions
    • viewLCDetails: To view the LC details
    • settleLC: To invoke a settlement request to the LC
  • Modifiers
    • onlyAuth: Only permits buyer, seller, and the bank to access to the method
    • onlySeller: Only permits the seller to access the method
  • Event
    • SettleLCSuccessful: Triggered after a successful settlement request

Now, let's start creating the LC smart contract by following these steps:

  1. Start by creating a file called LC.sol.
  2. We will first declare the compiler version and import our dependent contracts, as shown in the following code block:
pragma solidity ^0.5.2;

import "openzeppelin...