Blockchain Development with Hyperledger

Describing asset's life cycles in detail with transactions

Let's consider how assets move through their life cycle. We have learned that assets are created, transformed, and eventually cease to exist. Although life cycle is a very useful concept, these steps seems somewhat limited. Surely there are richer descriptions for the set of steps an asset goes through in its life cycle? The answer is yes! Transactions define a rich, domain-specific vocabulary for describing how assets evolve over time. For example, an insurance policy is requested, refined, signed, delivered, claimed-against, paid-out against, invalidated, or renewed. Each step of this life cycle is a transaction—we're going to talk a lot more about transactions in the next section. ...