5G could change the blockchain and metaverse industry forever, experts say
The rollout of 5G in India will begin this month, and the technology is sure to have a significant impact on how services are delivered to consumers and businesses. While the previous generations of mobile technology (2G to 4G) were all about faster data speeds, 5G promises to change the DNA of the user experience.
Experts believe that 5G will be the potential enabler that leads to the widespread use of blockchain technology in several aspects such as trade finance, logistics, healthcare, education, etc. “The power of 5G coverage through its very low latency, high speeds and enormous capacity makes things Internet of Things (IoT) devices can be widely used. This will mean that smart cities, driverless vehicles, smart homes and other sensor-driven improvements for industrial use cases will finally have a technology that can handle their unique needs,” said Sunil David, Co-Chair, Digital Communications Working Group, IET Future Technical Panel.
IoT are Internet-connected devices ranging from laptops and smartphones to heavy industrial machinery. These devices are integrated with sophisticated chips and sensors that enable them to communicate over the internet and exchange information smoothly. 5G promises remarkable scope for IoT devices, as the ultimate goal is to reduce network bandwidth and make communication between devices live. Since today’s IoT models are centralized, meaning one device owns it, that makes it riskier for wider adoption. This is where blockchain comes in, it promises decentralization, meaning no one controls how these devices work, and every transfer of data is recorded in a distributed ledger, giving users full control over their privacy. This would not be possible on 4G.
“4G could not quite meet the latency and density requirements this ecosystem required. 5G is not only designed to improve speed and latency, but also allows a proximity-driven approach to help the distributed and decentralized application ecosystem,” Dr Ravi Chamria, CEO and co-founder of Blockchain Infra Automation platform, Zeeve told indianexpress.com.
One instance of using 5G in blockchain may involve vehicular networks to enable the sharing of traffic information. For example, two vehicles on the road will be able to communicate with each other and provide information such as safety warnings. This can be effective in avoiding accidents and traffic congestion. However, this data may be used by third-party companies that may spam you with advertisements. The implementation of blockchain can solve this problem.
Experts say blockchain combined with 5G has the potential to disrupt the telecom industry. One of the major challenges facing the telecoms industry today is generating bills when a user travels abroad. International roaming charges are exorbitant, this is because there are multiple parties involved in making sure you can access mobile networks, meaning that for every bit of mobile data you use roaming charges have to be settled manually, and then a bill is generated. to you. Not only is this expensive, but it also makes it inconvenient for Internet Service Providers (ISPs).
“Blockchain, which has its foundation in transparency, can prevent rising consumer costs caused by cross-border settlements, and 5G will guarantee that international roaming and cross-border mobile phone networks are compatible and efficient,” said Edul Patel, CEO and co. -Founded by Mudrex, a crypto investment platform.
However, one of the most interesting upgrades to the blockchain and crypto world may be the rebirth of the metaverse. Metaverse is a concept of a digital 3D world and an evolution of the Internet into a more immersive, spatial web accessible with Virtual Reality (VR) and Augmented Reality (AR) headsets alongside traditional computing devices like the PCs and smartphones we all use.
“Completely replicating the physical world in a virtual ecosystem requires a lot of internet bandwidth. And the faster the internet, the faster and better the rendered version of the physical world would be. Potentially, 5G has the potential to enable a real-time rendering of various physical environments. Perhaps that’s why tech companies are heavily integrating 5G into their technology,” Patel explained.
It is not only 5G that enables Blockchain. Both are complementary to each other. 5G will provide the necessary infrastructure for machine-to-machine interactions, Blockchain will ensure data reliability and security, enabling smarter and faster value functions. “Adding 5G to existing 4G network architectures will enable much more feature-rich and feature-rich user experiences across the enterprise. From financial services to retail to manufacturing to healthcare to media and entertainment, we’re starting to see 5G have an impact like never before witnessed before, adds David.
