Inspiration
Traditional interbank payments rely on slow, multi-step processes involving intermediaries, manual verification, and delayed settlement times. Technologies like RTGS, NEFT, and SWIFT still face issues such as reconciliation delays and lack of transparency. Inspired by JPMorgan’s JPM Coin, I wanted to explore how a blockchain-based token system can make settlements instant, secure, and automated between financial institutions. This led me to build a simplified permissioned blockchain prototype demonstrating digital token transfers between banks.
What it does
The system creates a JPM Coin–style digital token using a Solidity smart contract. Users can:
Connect their MetaMask wallet
View token details (name, symbol, supply)
Transfer tokens to other addresses
Mint new tokens (owner-only)
View a live blockchain-based transaction ledger using smart contract events
It shows how banks can perform fast, transparent, programmable settlements on a blockchain network.
How we built it
The project consists of three main components:
🔹 Solidity Smart Contract
Implements token minting, transferring, and balance checking
Emits Transfer events that act as an immutable ledger
Deployed on an Ethereum test network
🔹 Next.js Frontend
Built a clean dashboard using Tailwind CSS
Integrated MetaMask for authentication
Shows token info, balance, and supply
Provides transfer and minting forms
🔹 Web3 Integration (Ethers.js)
Uses a Web3 provider and signer to send transactions
Fetches past events using provider.getLogs() and ABI decoding
Displays a live, updated transaction ledger
Challenges we ran into
Tailwind v3 vs v4 compatibility issues causing CSS build failures
Dealing with differences between ethers v5 and ethers v6 Web3 provider APIs
Fetching and decoding blockchain logs using topics and ABI
Environment variable handling and repeated Next.js caching issues
Designing a clean UI while keeping the code modular and error-free
Accomplishments that we're proud of
Built a fully functional blockchain-based settlement system
Designed a clean, responsive JPMorgan-style dashboard
Implemented real-time blockchain log decoding
Successfully integrated MetaMask and smart contract functionality
Gained a solid understanding of the complete Web3 workflow
What we learned
How Solidity smart contracts enforce rules without a central authority
How Ethereum events store permanent transaction data
Deep understanding of Web3 providers, signers, ABI decoding, and logs
Hands-on experience with Next.js, Tailwind CSS, and smart contract UI integration
Importance of debugging build tools, caching, and version mismatches
How digital tokens can represent real-world financial assets
What's next for Interbank Payment System using Permissioned Blockchain
Add multi-bank login and role-based access
Enable permissioned nodes using Hyperledger Besu or Quorum
Add KYC/AML checks for regulated banking compliance
Integrate dashboards for admin controls and audit trails
Deploy on a private chain with consensus protocols
Add real-time notifications and advanced analytics
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