In Red Hat Bugzilla, there's a requirement for a bug to have an ACK from multiple parties before it can change to some state (usually 3 - Dev, QA, product management).
Is that achievable in Jira?
Transition - the action of moving from one status to another
Post-function - some code you can run at the end of the transition
Counter - not a Jira specific term, Avdhesh simply means "create a numeric field and use a post function to add one to it's value every time you run the transition"
Oh, and "groovy" is mentioned - this is from a an addon which provides a framework for scripting some functions inside Jira
Have a look at https://confluence.atlassian.com/display/JIRA/Configuring+Workflow to begin with
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