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Set up an Asset auction

Description

A permissioned block chain with well-defined business network with mutual trust among the participants. A high-value asset type and a need for irrefutable trust to know unambiguously who owns an asset at a given point in time, and the cash balances of the participants

To begin with, we consider the assets, participants and transactions that form this business network:

• Assets: There are two asset types to consider: The Asset, which is a digital representation of an Asset body whose ownership is being tracked, and an Asset Listing, which describes an asset that is or has been for sale along with any offers it received.
• Participants: Members are the people or organizations who are either the owners or buyers of Assets, and will have a balance of currency. There could also be an Auctioneer who has the ability to close the bidding on an Asset or item. There is also a possibility to expand the network in time to include insurers or a regulator.
• Transactions: There are two important transaction types: one to put an offer on an Asset, and one to close the bidding.
  These define the types that will form part of this blockchain solution. In order to test our blockchain solution, we will create instances of these types that will be stored in registries.
  We will populate the Asset, Asset listing, member and auctioneer registries along with the ability to submit transactions of the two types as defined above.
  All instances and transaction data will be stored on and accessed through the blockchain, which allows it to be shared and trusted by the network participants.