While 5G will provide the infrastructure needed for machine-to-machine interactions, Blockchain will ensure data reliability and security.
The 5G rollout in India is expected to start this month and could have a significant impact on the way services are delivered to consumers and businesses. 5G is expected to globally redefine a range of industries such as transport, healthcare and logistics. Unlike 3G and 4G, which largely offered improvements in data transfer speeds on smartphones, 5G will allow a universe of connected devices to interact with each other.
Experts believe that 5G will be the potential catalyst that will lead to the large-scale adoption of blockchain technology in several aspects such as trade finance, logistics, healthcare, education, etc.
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The new features of 5G can be leveraged to support new business models and services that require seamless interactions between multiple parties, including mobile operators, enterprises, telecom providers, government regulators and infrastructure providers . Meanwhile, blockchain has been increasingly used to register, authenticate and validate assets and transactions, govern interactions, record data and manage identification between multiple parties in a reliable, decentralized and secure manner.
Complementing each other
So it’s not just 5G that enables Blockchain. The two are complementary to each other. 5G will provide the infrastructure needed for machine-to-machine interactions, Blockchain will ensure data reliability and security, enabling smarter and faster value functions.
The ultimate goal is to reduce network bandwidth and make communication between devices live. Since current devices are centralized, meaning one entity owns them, this makes them more risky for wider adoption. This is where blockchain comes in, it promises decentralization meaning no one controls the operation of these devices, and every data transfer is recorded in a distributed ledger, giving users full control over their lives. private. This would not be possible in 4G.
Huge potential in telecoms
Experts say blockchain coupled with 5G has the potential to disrupt the telecom industry. One of the major challenges facing the telecommunications industry today is the generation of bills when a user travels abroad. International roaming charges are exorbitant, as multiple parties are involved to ensure you can access mobile networks, which means that for every small amount of mobile data you use, roaming charges must be paid manually and then an invoice is generated. yours. Not only is it expensive, but it also makes it inconvenient for Internet Service Providers (ISPs).
“Blockchain, which relies on transparency, can prevent rising consumer costs caused by cross-border settlements, and 5G will ensure that international roaming and cross-border mobile networks are compatible and efficient,” The Indian Express quoted Edul Patel, CEO and co-founder of Mudrex, a crypto investment platform.
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However, one of the most interesting upgrades in the world of blockchain and crypto could be the rendering of the metaverse. The Metaverse is a concept of a 3D digital world and an evolution of the Internet into a more immersive spatial web accessible through virtual reality (VR) and augmented reality (AR) headsets as well as traditional computing devices like PCs and the smartphones we all use. .