Building Secure and Scalable BFSI Application Backends with Rust Programming Language

Introduction:

In the BFSI sector, legacy systems, real-time processing and data security are the challenges which require a programming language addressing these issues.

Traditional programming languages such as Java, .NET, Python have played a major role in shaping modern software development. However, over time, certain challenges have emerged in these languages particularly in areas such as performance, memory safety and concurrency. Rust was designed to address many of these challenges.

Created by Mozilla Research in 2010 and officially released in 2015, Rust quickly gained popularity due to its ability to combine low-level control with modern features that enhance developer productivity and code safety

Overview:

It is an Object-oriented Programming language and provides better performance, safety and developer-friendly features. Rust compiles code in native language and does not require any middle compiler to convert the code into native language. This makes it fast and reliable. Traditionally, code like Java, Python etc. are used for backend development. However, Rust is emerging as a preferred option for the modern system because of the features it provides.

Public clouds like AWS provides integration of Rust in serverless options such as AWS Lambda which provides additional features for modern backend systems e.g. speed and scalability.

Use Cases:

Rust’s unique features make it ideal for a variety of use cases. Below is an overview of areas where it can be used:

1. BFSI Use cases: High-frequency trading, fraud detection & Risk Management, Payment Gateways and Scalable APIs, Digital Banking & Insurance platform are suitable candidates for using Rust which provides high performance and concurrency.
2. Systems Programming: Rust can be used to handle low-level programming tasks traditionally handled by C and C++. e.g., Redox OS is written in Rust. Other examples include Device drivers and firmware for embedded systems. High-performance networking software (e.g., proxies, routers).
3. Web Development: Rust powers backend services and integrates with modern technologies. It is used for building APIs and microservices and for writing high-performance server-side applications.
4. Game Development: Rust’s performance and memory safety make it suitable for game engines and real-time applications.
5. Blockchain and Cryptocurrency: Rust’s focus on safety and concurrency makes it a popular choice for building blockchain platforms. It ensures security and reliability in financial applications and provides high performance for processing large volumes of transactions.
6. Embedded Systems: It is an excellent fit for resource-constrained environments like IoT devices and microcontrollers. It provides Lightweight runtime which is ideal for constrained hardware.
7. Command-Line Tools and Utilities: It can be used for creating CLI applications
8. Cloud Computing and Distributed Systems: It is increasingly used for building cloud-native applications and high-performance distributed systems
9. Scientific Computing and Data Processing: Due to its performance, it can be used to support scientific and numerical computing

Benefits:

Here are some of the benefits of using Rust in backend development:

1. High Performance: Rust gives better performance for code execution, making it ideal for systems where speed and efficiency are critical.  Rust does not rely on Garbage Collector that is generally used in traditional Programming Languages, and which causes unpredictable pauses during  execution. Due it its speed of code execution, Rust is suitable for low-latency applications such as web and database applications.
2. Memory Safety: Rust follows strict ownership model which ensures memory safety at compile time. It eliminates common bugs like memory-leak, crashes and undefined behavior. This results in better stability, fewer bugs and a smoother developer experience
3. Concurrency: With Rust it’s easy to write code that runs in parallel without risking data corruption and race condition which generally occurs when multiple processes access data simultaneously. Other programming languages leave that to developer; however, Rust’s compiler ensures thread safety at compile time.
4. Reliability & Security: Rust ensures that the code is reliable and secure by default. It eliminates vulnerable classes such as buffer overflows and null pointer errors which makes it excellent for backend development where high availability is required and sensitive data is to be handled.
5. Growing Ecosystem & Adoption: Rust’s ecosystem is growing rapidly, offering robust libraries, frameworks and tools for backend development. It provides framework to simplify web development. Companies like AWS are adopting Rust language for their backend development which showcase the real-world success.

Drawbacks:

However, there are some drawbacks to using Rust which follows:

1. Steeper Learning Curve: Rust has different programming styles with memory safety and ownership which require mindset adjustment for developers who worked on other languages like Python and JavaScript etc. Understanding these concepts will need more time for developers. Although Rust gives fewer bugs at runtime, it requires more time to fix compile-time errors which may slow down the development process.
2. Developer Community: Compared to other languages, Rust has a smaller developer community which means fewer resources, libraries or tutorials to implement.
3. Younger Ecosystem: Rust’s Ecosystem is still maturing; some libraries and tools are not battle tested as those in other languages.

Conclusion:

Building systems that require high performance, reliability, and security, Rust is quickly proving to be a superior choice. As more organizations adopt Rust, it is likely to play a significant role in shaping the future of backend development.

Rust evolves beyond the limitations in traditional languages by introducing concepts like ownership, borrow-checking, and zero-cost abstraction. By addressing long-standing issues in traditional languages, Rust offers developers a powerful tool to build safe, efficient and high-performance software, making it a preferred choice for modern systems programming

Rust is increasingly being adopted by financial institutions for its ability to deliver secure, scalable and high-performance solutions. With its growing ecosystem and proven capabilities, Rust is set to play a transformative role in the evolution of technology within BFSI.

Disclaimer:

The views and opinions expressed in this article are mine and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. The content provided is for informational purposes only and is not intended as professional advice in any way.