Blockchain Application Development Made Easy

Morpheus Labs
Mar 10 · 6 min read

In this article, we will look at an example of rapid development of a home mortgage application sample using Morpheus Labs BPaaS.

The financial industry is increasingly investing time and resources in blockchain, and for good reason. It is taking time to discover and create ideal solutions or innovations for financial services on emerging technology — from recognizing the barriers to Blockchain adoption, to building and testing, reflecting and responding to leading kinds of use cases in respective industries.

In this article, we will discuss problems in the mortgage business from a high-level perspective and how we can easily develop a blockchain-based solution at a fraction of cost and time, leveraging Morpheus Labs’ BPaaS (Blockchain-platform as a Service).

The Mortgage Problem

Record-keeping in Mortgage has not moved that much into transparency and data accuracy. The mortgage process is very much centralized and permeated with middlemen who each add their own markup to the overall costs on underwriting fees and processes could take up to weeks. This is where blockchain technology will be revolutionary. With Blockchain, transactions and data stored are decentralized and information could not be altered or tampered.

The Challenges

The challenges are how long does this process of discovery, designing, building and implementing of blockchain-based solutions take? How do businesses determine which is the best blockchain protocol to use? Which is the best use case to use and how to speed up the Proof-of-Concept faster for innovations on businesses?

Speed up Proof-of-Concept process on Morpheus Labs’ BPaaS

The BPaaS offers an easy way to develop blockchain based solutions. We like to compare the BPaaS to the office package from Microsoft. Everybody uses Word, Excel, and PowerPoint but nobody actually thinks about how they are using it. It’s an easy way to get your work done, your presentations made or your spreadsheets in order. The BPaaS functions are as such; it is built to be blockchain-agnostic with multiple integrated blockchain protocols, development tools and an environment for developers.

Here’s how:

1. Choosing the right blockchain platform

Choosing the right blockchain protocol for your solution requires experience and knowledge. Without these, it’s a time-consuming process to research and understand the individual capabilities and functionalities of each blockchain protocol.

Figure 1 Choosing Blockchain in ML BPaaS

You can choose Ethereum Proof Of Authority (POA) Consortium as a decentralized network to support applications with smart contracts to store sensitive records. For example, the consortium can allow members like banks, credit bureau, KYC provider, insurer, each having a unique Ethereum identity, to participate and validate blockchain transactions in a home mortgage business.


Comparison in time spent on DIY with reference to various sources — (eg. “Setup your own private Proof-of-Authority Ethereum network with Geth”) to using Blockchain Ops on BPaaS

Average time spent by three developers to configure network and integrate it with the wallet and development environment.

Watch the following short tutorial video on using Blockchain Ops on the platform:

2. Prototyping and Proof-of-Concept

Assuming we know the business requirements for Home Mortgage, using the technology on mortgage underwriting process; where the Borrower, Lender, Insurer, KYC Provider and the Credit Bureau are involved in the business process.

The following design is the high-level illustration of the concept and is part of Morpheus Labs’ BPaaS which offers to facilitate rapid prototyping.

Figure 2 The high Level Concept of Home Mortgage using ML BPaaS

3. Development Environment

Select Morpheus Labs’ BPaaS stacks from the Collaborative Development Environment (CDE) dashboard; select your preferred programming languages, development frameworks, SDKs, off-chain and on-chain technology components with just a few clicks. The image below shows the stack used in the development of the mortgage front-end application and Ethereum smart contract.


Comparison in time spent on DIY with reference to various sources — (eg. Setting up an Ethereum Development Environment) to using CDE on BpaaS

Average time spent by three developers to download and setup all needed software, set-up the IDE, solidity extensions and configure the project repository.

Watch this short tutorial video on using platform CDE:

4. dApp Development

The smart contract development is pretty straight-forward by using the ML-Truffle-Ganache-Ubuntu stack. We use the Mortgage.sol smart contract in this sample case. You can find it here:

The structure of the contract is the following:

/* struct datatype to store the details of the loan contract */

Important: Note that the ActorAccounts data type that structures the actors involved.

We set constants for the ethereum identities (approved validators in the blockchain consortium) to configure the application for each participating member in the mortgage process. The KYC_SERVICE is the service endpoint URL.

Note: This application includes the tax collection capabilities but they are not the focus in this article.

5. Demo of Blockchain Mortgage dApp

In this case, a mortgage-demo web application and ML-KYC service were used.

The borrower (ownerAccount) starts with giving permission to its wallet.

Figure 5. Borrower connects the application to its wallet

Step1. According to the business concept, the borrower submits the KYC data. The application is integrated with a service (ML-KYC) that will send data to a 3rd provider for the document and background verifications.

Figure 6. Borrower does KYC submission

Step2. Borrower clicks on “Initiate Loan Contract” button to deploy a loan smart contract instance in blockchain (see below the function deploy).

Borrower fills in the data and submits loan requests to the bank after the loan contract is deployed.

Figure 7. Borrower submits the Loan request

Step 3 and 4. The bank owner checks KYC status and the credit risk* status before approving/rejecting the loan.

Note: In the next article we will discuss working with a credit risk party. Keep a lookout!

Figure 8. Bank approves/rejects the loan request

Step 5 and 6. Borrower can make payments to the parties involved when loan is approved.

Figure 9. Borrower can re-pay the loan, insurance and tax


Comparison on time spent using own development environment to using BPaaS platform CDE+Selected Ethereum POA Consortium

Total average time spent by three developers to complete the dApp development and integrate with a KYC provider.

Overview: DIY vs ML BPaaS

Total average time spent by three developers to select the right blockchain, create the consortium network, prepare the develop environment, complete the dApp development, integrate with a KYC provider and prepare the demo case. 1 day = 7.5 hours.

Watch the 7 min demo below. (Be sure to turn on the subtitles!)


As demonstrated in the article, key capabilities include empower enterprises (in this case, the mortgage industry, even with complexity in the existing problems) to accelerate blockchain development in proof-of-concept with a rapid set up of selected blockchain and dAPP development environment.

Thanks for reading! Have fun exploring and developing on Morpheus Labs!

Signing off.

About Morpheus Labs

Morpheus Labs, a Singapore homegrown startup aims to develop a comprehensive full-stack blockchain platform and marketplace, Morpheus Labs offers infrastructure for enterprises and developers to build and experiment their own blockchain applications effortlessly at minimal cost and time. This provides a one-stop development tool, for smart contracts, back-end services, and front-end applications (Dapp). It provides an easy access and mission critical tools that enables developers to develop, test and manage blockchain applications using different Blockchain Protocols to achieve cost efficiency and a fail-safe environment.

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The Blockchain-Platform-as-a-Service (BPaaS) for prototyping, deploying and operating Dapps at minimal cost and time. |

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