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Ethereum Blockchain Smart Contract Programming for Financial Services (P210801WMT) Assignment Sample SUSS Singapore

Ethereum is a decentralized platform that runs smart contracts: applications with no possibility of downtime, censorship, or fraud. These apps run on the custom-built blockchain and it enables developers to create tokens for their own purposes without any middle man risk because there are no central authorities in charge like banks providing security services. This means you can hold onto your funds while they’re being utilized instead of trusting an institution that could cut corners at any time causing delays which would reduce benefits received during our own economy!

The technology also offers many more possibilities than we’ve even imagined yet – everything from voting systems to all sorts of celebrity data streams published by influencers using social media platforms but never having total control over them since some people might post things for personal gain which you wouldn’t want to be seen by the public. This new technology has opened up a world of opportunities that can work with minimum transaction fees, no downtime, and without censorship.

Ethereum Blockchain Smart Contract Programming for Financial Services (P210801WMT) Assignment Sample SUSS Singapore

Objectives of Ethereum Blockchain Smart Contract Programming for Financial Services (P210801WMT)

The objectives of Ethereum Blockchain Smart Contract programming for Financial Services (P210801WMT) include the benefits and disadvantages, as well as how to create a successful contract.

In general, financial service businesses need to reduce costs and increase operational efficiencies in order to remain competitive. Entering into “smart contracts” – contracts with the terms written in computer code – can help you do both by automating tasks and bringing various segments of your business together so they work more seamlessly and better serve your customers. The combination of smart contracts with blockchain technology offers technologies that allow you to run your business more securely, transparently, collaboratively, and perhaps most importantly – at a lower cost.

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Learning Outcomes of Ethereum Blockchain Smart Contract Programming for Financial Services (P210801WMT)

By the end of this course, you’ll be able to turn your idea into a reality.

Analyze business requirements for Blockchain, Cryptocurrency, Smart Contract, and Token Economics

Blockchain, cryptocurrency, smart contracts or token economics are all huge topics that are challenging to analyze. That being said, let’s try to take a theoretical approach.

The first step towards completing this analysis is to look at the Singaporean government’s legislative stance on these topics. There is no information available publicly on the Singaporean government’s opinion of blockchain, cryptocurrency, smart contract, or token economics so we will need to do more research in this area. Based on the fact that cryptocurrencies are not categorized as legal tender in Singapore and there has been no mention of plans for Smart Law to extend across other areas such as blockchain or smart contracts then it seems safe enough to say that the Government adopts an ‘innovator-led’ attitude to emerging technologies which would suggest a positive approach to these technologies.

The next step is to make an analysis of the key stakeholders in this field and their relationships with each other. In order to do that, we will use Porter’s Five Forces Analysis. We start by defining who the competitors are:

  • Large organizations such as banks and insurance companies would be considered competitors if they were to try to implement blockchain technology in their operations by looking for similar solutions.
  • Competitors within the blockchain industry might be organizations that are already established in this field or new players entering with a disruptive mindset.
  • Large financial institutions that do not consider the use of blockchain technology an important part of their strategy at present may decide to invest substantial amounts of money in this area if they believe that the potential returns outweigh the risks. This scenario may force existing players to increase their investment or risk losing market share.

Since blockchain technology is rather new, there are no organizations yet established specifically for blockchain-only solutions so every organization which is dealing with financial services can be considered a competitor of some kind.

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Code smart contract for Ethereum blockchain using Solidity programming

Solidity is the most popular programming language for Ethereum smart contracts. It’s a statically-typed, contract-oriented, declarative programming language with a syntax similar to JavaScript and Python. Being familiar with such languages will make learning Solidity much easier.

Singapore continues to lead the world in blockchain innovation by adopting progressive regulatory standards and providing an attractive business environment for FinTech startups and developers of blockchain applications. Having acted as prototype city for global eWallet Adoption by POSB since 2002, Singapore retains unmatched ease of bank payments and cashless transactions through various digital means (e-money). These services meet specific regulatory requirements making them ideal platforms for cryptocurrency exchange facilities without the need for cumbersome third-party banking licenses.

Test smart contract and monitor its outputs

An Ethereum blockchain-based smart contract is a software application, running on a decentralized network of computers, which performs the terms of an agreement. Smart contracts are self-executing contractual states recorded in computer code as they are programmed by using certain data instructions.

Alternatively, one may view it as performing the core functions of wire transfers and other banking operations – interacting with both people and administrative systems – without human involvement.

A user’s anonymity sets their trustworthiness to take an automated role within peer-to-peer transactions and other economic activities governed by cryptographic protocols. However, if you’re not able to adequately verify your identity before transacting with others through smart contracts then you would be relying solely on reputation-based security mechanisms.

Therefore, in order to test a smart contract before it is published on the blockchain, and Ethereum client is needed which holds the source code of the transaction along with its associated library dependencies. Once deployed, if any flaws are identified during testing with an Ethereum client then there’s no way to rectify them without upgrading the blockchain itself – rendering it useless in the process.

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Deploy smart contract and ensure coding documentation is accurate

Coding documentation is often one of the most important contributors to a successful software or website deployment. Unfortunately, many teams choose to put off documenting their work until it’s necessary. This is sub-optimal for at least three reasons:

First, following coding standards set out by the team during coding will assist with being able to document the code quickly and accurately once deployment time comes. Second, documentation can be very valuable in helping less technical team members understand the work that’s been done so they can focus on testing rather than trying to figure out why something won’t work on its own first. And third, if you’re an engineer reading code during architecture/refactoring phases then you’ll also need accurate information about the components you’re working with to make an informed decision on what to do.

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