Chiralkine lockers work under the control of a chiralkine system. They lock away a good being transferred under a chiralkine contract until the lock is opened with a key provided to the rightful owner at the completion or cancellation of the contract. The key can be, for example, a bar code provided by the system to the smart phone of the rightful owner who then presents the code to a scanner associated with the locker.
Anything that is used to convey something from one person to another in the course of exchange can become a chiralkine locker. It can be immobile, as in a locker at a drop-and-collect point or a mailbox centre or mobile, as in a van, truck, ship, shipping container, railway wagon, drone, aircraft or spaceship.It acts as a trusted third party, rather like a bank does.
For example, a bread seller transfers the ownership of bread to a bread buyer under a chiralkine contract.
Before the contract the bread seller’s account is in state +k (- – + +) in the system and the bread buyer’s account is in state -k (+ + – -).
When the two enter into a chiralkine contract, the bread is electronically locked away in a chiralkine locker. The bread seller’s account in the system changes from +k (- – + +) to -j (+ – – +) [the seller receives created right units] and the bread buyer’s account changes to +j (- + + -) [the buyer receives created left units].
In order to complete the contract, the bread seller must buy peas from a third party in a chiralkine contract and the bread buyer must sell oranges to a third party in a chiralkine contract. [In effect the buyer and seller must exchange and then redeem their created left and right units].
When the bread seller buys the peas, the state of the bread seller’s account in the system changes from -j (+ – – +) to +i (- + – +). [The bread seller exchanges created right units for exchanged left units].
When the bread buyer sells oranges, the state of the bread buyer’s account in the system changes from +j (- + + -) to -i (+ – + -). [The bread buyer exchanges created left units for exchanged right units].
When the bread seller has bought peas and the bread buyer has sold oranges, the contract is ready to be closed.
When the contract is closed, the state of the bread buyer’s account in the system changes from + i (- + – +) to -k (+ + – -) and the state of the bread buyer’s account in the system changes from -i (+ – + -) to +k (- – + +). [The exchanged left and right units are redeemed]. The system then sends a bar code key to the bread buyer who opens the chiralkine locker and takes the bread.
When the system provides a key to open the chiralkine locker, the bread seller and the bread buyer have traded in balance with everyone else in the exchange. From everyone else’s point of view, they have exchanged peas for oranges.
If instead, the bread seller has not bought peas and the bread buyer has not sold oranges, then the two have still traded in balance with everyone else in the exchange, because they have done nothing. Under these circumstances, the bread seller and the bread buyer can cancel their contract. When they do this the state of the bread seller’s account in the system changes back to +k (- – + +) and the state of the bread buyer’s account changes back to -k (+ + – -). The system then sends a bar code key to the bread seller who opens the chiralkine locker and takes back the bread.
If the bread seller and bread buyer have not exchanged with everyone else in balance by the completion date of the contract then they are both in default. As a pair they will either have received more than they have given or given more than they have received. The system can recognise this and alert all members of the exchange. An administrative procedure is followed to restore a state of balance and distribute the consequences of any residual imbalance across the membership of the exchange. Generally it is possible for one or both parties to a contract to reverse their position by selling or buying something during the administrative procedure so that the contract can be cancelled.
Learning to drive a chiralkine system using chiralkine lockers is like learning to park a car in a barrier-operated car park or to shop click-and collect, but without using money.