The future of 5G-oriented blockchain applications: What lies ahead?
Technology is advancing at an unimaginable pace these days. One of the latest triumphs in this direction is the evolution of Blockchain technology. With its gradual progression, blockchain is like a tsunami, slowly advancing and slowly engulfing everything along the way. As the name implies, Internet-of-Things is about products and services that will have an impact on both businesses and individuals. According to market research, IoT technologies, such as the fifth-generation (5G) mobile network, can transform human lives by allowing different types of devices to be connected to each other.
5G is much more than the cell phone we know today. Our world is entering a period of rapid technological advancement.
Communities are expected to benefit economically from the integration of 5G and blockchain.
What are the future prospects for blockchain-based applications? Read on!
5G: What is it?
Compared to today’s 4G technology, 5G promises to be 20x faster. Mobile operators, enterprises, telecom providers, government regulators, and infrastructure providers can all benefit from 5G’s innovations.
Is blockchain a part of 5G?
In this new technological age, 5G has become increasingly important in almost every aspect of our lives. The 5G technology brings enormous changes to blockchain technology, which is also conducive to its progress.
The use of 5G could enable the sharing of traffic information through vehicular networks in a blockchain. As an example, two vehicles on a highway could communicate and provide safety warnings to each other. It could reduce traffic congestion and prevent accidents.
According to Ericsson, the number of internet-connected devices is expected to reach 18 billion in 2022. Managing digital identities for these devices is essential for their security and automation. For blockchain to function optimally, a huge network capacity is required. Hence, 5G is a boon as it can increase network capacity.
The use of 5G-backed blockchain can boost internet speeds, improve the utility of digital spaces, and increase security and transparency, among other benefits to industries. Research conducted by Blockchain Council, a corporate office, suggests 5G and blockchain can enhance cryptocurrency processing in terms of transparency, speed, and intelligence.
Blockchain technology has the potential to revolutionize the global telecom industry by transforming international payments and mobile portability. By integrating blockchain products into these existing systems, we can create a more efficient and user-friendly experience for everyone involved.
Introducing 5G networks, extended reality (XR) devices, and metaverse applications has opened a new era in Internet consumption. As a result of 5G, we will see applications such as virtual reality (VR) and augmented reality (AR), among others,” Akhil Gupta, associate professor of Lovely Professional University, noted.