The future perfect! What will the future hold for 5G-oriented blockchain applications?
The Internet-of-Things is by definition about products and services that will have implications for businesses as well as life. In fact, market research seems to suggest that the benefits of the Internet of Things (IoT), such as fifth generation (5G) mobile networks, can transform human lives by providing the ability to secure connectivity with different types of devices. It is believed that the integration between 5G and blockchain has the ability to bring economic value to various societies.
According to Ericsson, a telecommunications company, the number of Internet-based devices is increasing and is expected to reach 18 billion by 2022, and issuing and managing digital identities for these devices is a fundamental part of security and automation for these devices. “Blockchain as a technology requires enormous network capacity to function optimally. This is another reason why 5G is a boon as it is able to provide the necessary network capacity. Higher network capacity will also mean lower block times and greater scalability,” Srinivas L, CEO and CTO, Rooba.Finance, a digital asset management platform, told FE Blockchain.
Insights from market research showed that the use of 5G-supported blockchain can bring benefits to industries by enhancing the speed of internet connections, helping to increase the usefulness of the digital space, better security and transparency, among others.
Research published by the Blockchain Council, a business office, highlighted that the combination of 5G and blockchain has the potential to improve cryptocurrency mining in terms of transparency, improved mining speeds and intelligence. Integrated technology has the potential to transform the global telecom industry through the use of blockchain products in international payments and mobile portability.
“5G and blockchain is expected to be a game changer for India in the coming days. It is expected to help in the redesign and elimination of issues related to the government’s essential services. 5G-based blockchain has the potential to provide continuous coverage to the country’s most remote areas . It will help improve energy and spectrum efficiency as well as network efficiency,” said Arshdeep Singh Mundi, CEO, Netplus, a telecom-based platform.
While the rollout of 5G networks is still at a developmental stage, experts believe that the cost of 5G-based services for blockchain investment is expected to be Rs 492 crore per megahertz (MHZ), which refers to a frequency unit equivalent to one million hertz. Reportedly, India’s 5G spectrum prices will be seven times higher than the United Kingdom (UK). It is believed that 5G-based blockchain applications are expected to be implemented in industries such as financial services, travel and mobility, infrastructure and energy, healthcare, entertainment, among others.
Furthermore, research has shown that the use of 5G and blockchain will have an impact on how services are delivered to consumers and businesses. As reported by IEEE Access, a scientific journal, networks integrated with blockchain can be customized based on location and subscriber needs, to adjust supply and demand needs. It further mentioned that the use of blockchain can help improve the internal operations of core networks such as Operational Support Systems (OSS) and Business Support Systems (BSS) to reduce costs and increase flexibility.
“The rise of 5G networks, augmented reality (XR) devices and metaverse applications seem to have ushered in a new Internet era where content is no longer consumed through two-dimensional (2D) screens, but through three-dimensional (3D) environments. 5G will also usher in use cases in an era of technological advancements in the country such as Virtual Reality (VR), Augmented Reality (AR) among others,” noted Akhil Gupta, Associate Professor at Lovely Professional University, an educational institution.
Also read: Brazil’s Nubank introduces cryptocurrency as part of rewards program
Follow us on TwitterFacebook, LinkedIn
