How BigchainDB is Good for Asset Registrations & Transfers¶
BigchainDB can store data of any kind (within reason), but it’s designed to be particularly good for storing asset registrations and transfers:
- The fundamental thing that one sends to a BigchainDB cluster, to be checked and stored (if valid), is a transaction, and there are two kinds: CREATE transactions and TRANSFER transactions.
- A CREATE transaction can be use to register any kind of asset (divisible or indivisible), along with arbitrary metadata.
- An asset can have zero, one, or several owners.
- The owners of an asset can specify (crypto-)conditions which must be satisfied by anyone wishing transfer the asset to new owners. For example, a condition might be that at least 3 of the 5 current owners must cryptographically sign a TRANSFER transaction.
- BigchainDB verifies that the conditions have been satisfied as part of checking the validity of TRANSFER transactions. (Moreover, anyone can check that they were satisfied.)
- BigchainDB prevents double-spending of an asset.
- Validated transactions are “immutable”.
We used the word “owners” somewhat loosely above. A more accurate word might be fulfillers, signers, controllers, or transfer-enablers. See the note about “owners” in the IPDB Transaction Spec.