Event-based blockchain

Likely requires a new way of thinking.

A stock exchange maintains its own database.
Format is identical to other databases.
Data integrity is different than replication.

Local database allows instant transactions (company-based).
Transactions are simultaneously sent “blockchain-style” for replication and verification.

Format of blockchain is crucial:
Must be event-based with time-stamps at every entry.
Not necessarily coin-based, but up for discussion.

Example events:
Initiate offer, $1000, MyCommerceID, [timestamp]
Terms, 100 OSTK, MyCommerceID, [timestamp]
Counter-value, 100 OSTK, HisCommerceID, [timestamp]
Contract-accepted, Contract-accepted, MyCommercID, [timestamp]
Deliver, $1000, MyCommerceID, [timestamp]
Deliver, 100 OSTK, HisCommerceID, [timestamp]
Completed, Completed, MyCommerceID, [timestamp]
Completed, Completed, HisCommerceID, [timestamp]

A TransactionID ties the events together.

Performance (local database with instantaneous events).
Propagation of data with latency across other blockchain databases has some risk, but small.
I think this will work with the Bitcoin protocol, but a Satoshi per entry?  Coin-based discussion required.

Have you heard of side-chains? Or have you seen this thread - https://forums.counterparty.io/discussion/418/the-crossparty-protocol#latest ? You could definitely have a dedicated stock exchange side chain.

To get some clarity, without creating vague buzzwords.

The blockchain is a way of doing two things:

  1. Validating data cannot be changed and that it is only written once.
  2. Propagating that data to many databases.

The Bitcoin blockchain is based on a coin with a verification scheme that it is only spent once by one person before becoming available to the next spender of that Bitcoin. As an aside, I think numbering the bitcoins at the satoshi level would have made that easier.

But anyhow, verifying data is entered once and cannot be changed and propagating that data are all separate functions.

What I am talking about is:

  1. A standard to describe all transactions.
  2. Validating it across many databases to verify integrity.
  3. An open source stock exchange that will pass regulatory oversight.