In the past few years, enterprise attitudes to blockchain have changed rapidly. The overwhelming majority believe blockchain adoption is necessary to maintain a competitive advantage in their business. If they’re not already implementing blockchain, they’re preparing to do so. However, actual rates of adoption lag these attitudes substantially, and sentiment varied greatly across regions.
Right now, around half of all enterprise blockchain deployments are private. That’s like agreeing the internet is a vast resource — and building a company intranet instead of accessing the world wide web. Sure, it’s useful and it looks similar, but there’s so much missing! Why are organizations limiting themselves like this?
The “blockchain trilemma” as a hurdle for adoption
The traditional challenge of blockchain design is how to optimize performance for a particular user group’s needs, while incorporating desirable — and sometimes competing — characteristics associated with blockchain: security, decentralization and scalability.
The idea of decentralization, in particular, has given enterprises pause. Given the dramatic events and heated debates in the past ten years of the blockchain space, public blockchain adoption has had to be weighed against the potential disruption of their security systems, while needing to continue handling their business transactions at scale.
Enterprises have ongoing operational concerns, as well as fiduciary, commercial, and legal reasons to be conservative about their choices in data services. For those who have entered the blockchain race in the recent past, private blockchains have seemed to offer the safest and most reliable options.
Private blockchain offerings remain highly centralized
Centralized solutions offer the comfort of familiarity when adopting a new technology. Most enterprises already have responses in place for the known knowns of dealing with central points of failure.
Businesses are already under pressure to protect sensitive information and must ensure reliable performance. As this is a top priority, the natural reaction for executives with decision making power is to choose the option that gives them more control: private blockchains.
In doing so, they forgo the most innovative potential at the heart of a full enterprise blockchain solution. However, these decisions have been rational. As yet, there have not been dramatic, consistent demonstrations of public blockchain’s transformative power in enterprise settings.
On public networks, large transaction volumes can result in slow performance, unpredictable fees, and the threat of high energy usage. Furthermore, there has not been a one-stop shop for adoption of performant and easy to use solutions that deliver the best features of private and public blockchains.
A new technology has arrived
Geeq has the solution. Geeq’s modular construction means enterprises may expand blockchain adoption as needed, now and in the future. Determined to provide practical and sustainable solutions from inception, Geeq’s protocols are light years ahead on security, with ultra-low financial and environmental costs. In addition, Geeq’s structure provides tremendous flexibility and scalability.
Geeq anticipated the move away from a single monolithic blockchain system with a unique, multi-chain, scalable design. Geeq’s architecture provides a more secure and consistently reliable alternative to sidechains and Layer 2s: every Geeq chain uses the same efficient protocols and benefits from Geeq’s cutting-edge security.
Understanding blockchain technology involves a deep dive into a highly technical world. Geeq has resurfaced with elegant, ground-breaking solutions that provide firmly grounded, easy to interpret and simple to use endpoints — for users of enterprise software and consumer applications.
The right choice for you
The natural consequence of Geeq’s design and engineering choices is its ability to offer a range of blockchain solutions. Enterprises may use purely private blockchains that are more future-forward, secure, efficient, and sustainable. Geeq’s public chains are launched with the ability to boostrap themselves into fully decentralized blockchains, without intervention.
Finally, Geeq offers enterprise solutions to combine the strengths of both public and private chains, delivering the opportunity to enjoy the best of both worlds in the same ecosystem.
Geeq simply provides better blockchain solutions. We built these systems with the specific pain points of adoption in mind, so enterprises can access the full benefits of blockchain without compromise. Blockchains have made big promises. Geeq delivers.
