Universal Transaction Fabric

The transaction fabric is the state-transition layer connecting authority, rights, market actions, settlement and downstream evidence.

Transaction rule

Every material transition should identify actor, authority, object/instrument, prior state, requested transition, evidence/signature and resulting state. Market actions additionally bind price/quantity/terms and settlement obligations.

Concurrency

Scarce entitlements require reservation/serialization so two concurrent operations cannot validly spend or transfer the same entitlement twice. Duplicate execution/settlement must fail or be recognized idempotently.

Signed intents

Where venues/exchanges are used, participants should sign intents/orders and the venue should verify authority/rights rather than becoming the sovereign issuer of participant state.

Audit

The resulting event chain should support reconstruction of who authorized each transition and what economic consequence followed.