Blockchain

What does Blockchain mean?

A blockchain is an electronic data structure made up of blocks (containing groups of transactions or data) which are appended sequentially.

Main Idea:

The primary economic value of a blockchain is to provide a dependable data set that is acceptable to all parties who wish to coordinate on some, but not all, dimensions with each other and do not wish to trust a third party.

The Problem with Most Blockchain Technologies:

The more certain all parties can be that the underlying blockchain technology produces an official record that has not and will not be manipulated or censored at any time, the more economic value a blockchain can bring.

Blockchains are also intended to bring advantages derived from decentralized distributed technologies by eliminating the weaknesses of relying on a trusted intermediary. However, most enterprise blockchains are not decentralized and most public blockchains cannot offer strong security guarantees.

Technical Definition:

A blockchain is a data structure ordinally and recursively linked to create an order of transactions or other information by block. This technical definition emphasizes the cryptographic aspect of linking the headers of the blocks to create the sequence, whereas the main idea of the blockchain above emphasizes why one should care.

Use Case:

A properly specified blockchain is a way to provide an automated record of transactions or data with neutral, rigorous attestations, such that the records may be referred to ex post for 1) the purpose of economic coordination and 2) determining the existence (or lack of) evidence or documentation.

Making Life Easier:

From the simplest payment system to the most complicated smart contract, a properly specified blockchain provides easy, low cost confirmation that a) conditions have been satisfied and agreements should proceed or, alternatively, b) conditions have not been satisfied, automatic transactions should not be executed, and/or next steps should be reconsidered.

The Geeq Difference:

When decentralized networks of nodes are used, there is always the chance of malicious behaviour in the future so it is not credible that the data on every node will be immutable, extending into the future. Instead of glossing over this possibility, Geeq’s blockchain technology provides the user with the ability to obtain proof that a blockchain (1) has been built and maintained exactly according to protocol and (2) has not been manipulated at any time to date. In addition, Geeq’s blockchain technology is able to self-heal: if the entire network is attacked, a user is warned by Edge Security not to use it until the blockchain has been recovered from the last neutral and non-manipulated block.

Finally, a naive user will be able to transact securely on Geeq without needing to depend on smart contracts. Geeq’s no-smart contract approach, by itself, eliminates many hidden vulnerabilities and attack surfaces. Unanticipated exploits of smart contracts’ code has created significant risk, uncertainty, and harm in the past. Geeq was developed to de-risk blockchain use.

Last Updated: November 28, 2022