“Designed in California. Assembled in China”. This phrase, which appears on the packaging of many electronics products, merely hints at the complexity of the modern supply chain. In fact, components from more than 200 different suppliers go into manufacturing a product like the iPhone.

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Of course, this is just one illustration of a much wider global phenomenon. Since the 1970s, when manufacturers began to outsource all non-essential processes to subcontractors, supply chain management became far more elaborate. This web of complexity has been further accelerated by globalization, which has united dense networks of suppliers throughout the world.

For businesses, this introduces considerable costs and risks. In the pharmaceutical industry, for example, logistics alone can represent nearly 40% of total operating expenses. Risks during transportation and the bureaucratic burden of compliance across borders adds additional costs. In all areas, changing values and tastes of consumers have led to an increased focus on sustainable and ethical sourcing and manufacture of products, making transparency and traceability more important than ever before.

To pinpoint problems, automate processes and continuously improve procedures, stakeholders throughout the supply chain need access to a common, secure and trustworthy source of data.

In theory, blockchain is ideally suited to creating this type of transparency. In addition, by harnessing the power of smart contracts and connecting IoT (Internet of Things) sensors to the network, many routine processes could be automated.

Blockchain Barriers

To date, the adoption of blockchain for supply chain use cases has been relatively slow and remains largely limited to pilot projects. A number of key challenges need to be overcome for this situation to change:

  • Not Scalable

    Public blockchains based on proof-of-work (PoW) process an average of 7 transactions per second and transaction costs can vary widely depending on the amount of traffic on the network. They are not ready for enterprise deployment.
  • Expensive

    The rising number of IoT devices and stakeholders will result in many transaction fees, exceeding reasonable budgets.
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  • Inflexible

    Existing blockchain technologies are hard to adapt to complex business cases like supply chain management and are difficult to upgrade if circumstances change.
  • Potentially Vulnerable

    Existing blockchains using proof-of-work (PoW), proof-of-authority (PoA), or proof-of-stake (PoS) consensus mechanisms offer between 33% and 50% Byzantine Fault Tolerance (BFT). This is not enough security to repel a well-financed and coordinated cyberattack.

The Geeq Difference

The Geeq Project was designed to seamlessly integrate IoT and blockchain. We offer made-to-measure decentralized networks for business applications with ultra-low fees, near infinite scalability, and unrivaled security.

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  • Scalable

    Due to our innovative approach to achieving consensus, Geeq chains are highly scalable and use far fewer resources than competing protocols. For instance, a Geeq chain can be calibrated to process up to 500 transactions per second.
  • Inexpensive

    Ultra-low transaction fees make Geeq the ideal solution for integrating IoT and any other devices that need to be regularly and continually monitored. Depending on the network, transaction costs are between 6/100th and 1/1000th of a cent.
  • Flexiblility

    Geeq adopts a multi-chain architecture. Businesses can work with Geeq to create bespoke Geeq chains to meet their specific needs.
  • Secure

    Geeq chains are highly secure, delivering 99% Byzantine Fault Tolerance.
  • Lite

    Each chain is served by its own decentralized network and there is no shared overhead. This is especially useful for complex supply chain solutions involving many stakeholders and sub-processes.
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Convenient, verifiable and highly secured

Discover Geeq’s full supply chain management capabilities today.

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