I already argued that streams are not general enough to represent communication between processes, but let's keep the model simple.
Function from stream to stream fails to represent one crucial property of the process - which input message must have been fed to the process in order to observe a specific output message. I do not mean data dependency here, but something like control dependency, or causality. Streams (or full orders) are a special case of partial orders that can be used to model causality, so there seems everything is ok - except there is no ordering between elements of input stream and output stream.
Imagine a function from stream of unit to stream of unit:
data Stream a = Message a (Stream a)
type X = (Stream ()) -> (Stream ())
There is just one function of type X - identity (non-termination is out of equation as we are talking math functions, not Haskell functions).
On the other hand, there are multiple different behaviors that accept empty messages and output empty messages.
One would be an identity behavior - for each input message send one output message. Another would be a counter - for nth input message send n output messages. By applying a function from Nat to Nat to the definition of the counter, one obtains a new behavior: for nth input message send f(n) output messages. Thus there are infinitely many observably different behaviors of this type, and trying to denote them by a single function is unsatisfactory at least.
So, the quick solution seems to define a process as a function from input list (a prefix of stream) to a list of outputs produced after receiving the last input (so the whole output list is obtained by concatenating output lists for all prefixes of the input). This may work for a single input stream, but for multiple streams we need to encode which stream received the last message.
A more general way to look onto this is to say that a process extends a partially ordered set of input messages to a partially ordered set of both input and output messages, with a constraint that it does not introduce PO links to an input message (but obviously is allowed to introduce such links from an input to an output, or between two outputs).
Need to think of a formal (and elegant) way for saying this.