Blockchain Transactions - Action Based or Object Based - Granular level

Wikipedia describes blockchain

Blockchain is a system used by bitcoin and applied to record and document transactions involving money quantities in a public ledger.   Current owners of a transaction own the amount of the transaction.  When they "spend" the transaction or the number of transactions associated with a number of monetary units  necessary to "buy" something the total amount of monetary units has to be equal to or exceed the price they are paying.  If it exceeds the price the seller has to return a change amount in a transaction.  It is like giving a $10 bill for a $5 dollar purchase if you do not have a $5 bill.  Change is returned.  Call it a change transaction and that becomes identified with a new transaction blockchain documenting the change transaction.

It works kind of like that.

Just for playing around with the blockchain idea it can be used to document transfers and associated change in ownership of anything.  In a prior blog entry I cited this use of blockchain marriage.

In the problem domain of money blockchain is novel and excellent application.  The secure documentation of transaction exchange and ownership of the medium of exchange (units of money) associated with the transaction.

What if the units of money involved in the transaction block chain also were subject to blockchain methodology?  The current crypto currency systems, from a different perspective, make the action of a transaction (verb) into to the existence of a money object called a transaction (noun) with a variable denomination value that is in fact the object evidence of the past transaction.  That is different than what we are used to in money transactions using cash in the form of the fixed value of various denominations of US currency.  $1,$5,$10,$20.$50.$100.   In the crypto currency system instead of fixed denomination amounts depending on the dollar bill in our possession we are spending variable denomination amounts of and associated with a fixed transaction based on the identity of the transaction we "own" documented by the public ledger and subject to our "spending" by a private key to spend it.

It is, I guess, impossible to "spend" only a portion of a transaction we own and have the amount associated with that transaction change to the remaining value like it was a bank account but continue to have connection to the same transaction identifier in the blockchain.  Just does not work like that.  Every transaction gets a new identifier to extend the block chain.

The aggregate of all transactions, back to the very first one is the block chain.  At any instant blockcahin  can be and is validated back to the beginning on an audit trail of transactions involving various amounts of monetary units.  All the money units that ever changed hands since the beginning of the blockchain, associated with their related transaction can be known.  Where and who they come from to where and whom they went with each transaction.

The granular unit foundation of the blockchain monetary system like bitcoin is the transaction and its method of documentation an validation.  It is built on the action of a transaction.

What if the granular unit foundation of the blockchain monetary system was a uniquely identified object monetary unit that could not be duplicated used in transactions as a medium of exchange?

That is a shift of focus to a different granular level system building bock from the "action" of a transaction creating the new variable transactional object with an associated value as a function of the "action" to unique digital monetary unit each with a fixed unit value of one that is the basis of the system that becomes associated with the transaction by binding to it at the time of transaction?

Its different.

Is it?

So I arrive in a circuitous manner to my simple monetary system that divides what money is from what money does.  What money does is a function of account transactions recorded in the block chain and among all account holders that links through the amount of money value recorded in each current block chain account to a blockchain of digital uniquely identified money value units of one each.

The total dollar value of all transaction block chain accounts always equals the total dollar units in the digital dollar block chain ledger.  All uniquely identified digital dollars with a unit value of 1 each link to a blockchain owner account.  All transactions in the blockchain owner account change links in the digital dollar account to a new owner of the unit dollar.  Digital dollars chosen to change links based on account transactions are linked to the owner of the of the block chain transaction account but are chosen from that linked total quantity on a random basis to be linked to a new owner account.