The proposed business case and its interactions are an ideal candidate for migrating to a blockchain-based system. Before we take a deep dive into the solution, let's start by once again visualizing the business case to see how we would use a blockchain, as shown in the following diagram:
Our original business network, modified to show how the participants interact with the smart contract on the blockchain
As you can see in the preceding diagram, our business case now has a component called a smart contract. Here, it is portrayed as a central component, but it actually runs on all participating nodes (peers) in the blockchain business network. It holds the single point of truth for all interactions, business logic, and stored data.
Let's imagine the same rainy day as before, where cars that are driving in front of you suddenly slam on their brakes. The car behind you notices this too late and it drives right into your car at such speed that your car's airbag...