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  • Java

Customer

Fintech startup

Problem

The client, a Texas entrepreneur, intended to make bitcoin a common medium of exchange for regular transactions, like paying for goods and services. He planned to hit the market with a personal banking application for bitcoins, an analog of PayPal for cryptocurrencies. The basic functionality was meant to enable users to create digital wallets, exchange and transfer bitcoins, make and receive payments.

The service provider was supposed to have practical background in blockchain technology along with a proven track record of web solutions driven by security mechanisms.

Softeq engineers demonstrated substantial expertise in blockchain algorithms, security solutions and web development. Happy with Softeq’s vision of the final product, the client selected Softeq to take on the project.

Solution

The client’s initial idea was to build a cross-platform banking solution for bitcoins and other cryptocurrencies. Softeq was engaged to complete the first phase of the development — create a secure web application that would allow making all types of bitcoin transactions.

The app is used to:

  • Create multiple bitcoin wallets
  • Trade/transfer bitcoins
  • Monitor transactions history
  • Check the balance
  • Exchange digital assets online

Security

The anonymity of the bitcoin system demands a high level of data security from the bitcoin-related applications.

The application ensures safety of user’s bitcoin private keys by means of a two-step authentication and protected cloud servers. The two-step authentication is provided by the KeyCloak, a 3rd party authorization server for identity and access management. The authentication system has the following security layers:

  • Strong user password
  • Time-based one-time code

All the bitcoin private keys are stored in secure data storages. If the user loses his smartphone, tablet or laptop — the keys remain safe and accessible from other devices.

Challenge

The client’s long-term ambition was to build an all-in-one banking app. That’s why the client specifically indicated that such feature as the quick on-demand integration with any payment service and real/digital currencies must be present in the initial version of the app.

Softeq engineers designed the app as a software with modular architecture. While the current application version allows working only with bitcoins, the system is highly scalable. It enables plugging into specific modules and integrating other payment services or currencies — from US dollars to any of the blockchain-based cryptocurrencies (e.g. Ethereum, Litecoin, etc.)

Results

The client is happy with the quality of the resulting solution and plans to proceed the cooperation with Softeq on the next project phases.

The collaboration plan includes:

  • Creating a mobile app to enable using bitcoins for paying/receiving payments for goods and services.

Usage scenario: The seller generates the barcode for the transaction, the buyer scans it with the app — and the transaction is completed.

  • Implementing a web-mobile intercommunication
  • Integrating the solution with a stock exchange and a banking system

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