In the past few years, we’ve seen Internet of Things (IoT) adoption grow like never before. More and more businesses are integrating IoT devices into their company as well as their customers’ lives. However, there is still a lot of untapped potential for these systems. At their core, IoT devices and sensors can only do so much. The technology that powers them is fairly antiquated and it’s hindering further development. Fortunately, there is something coming soon that will not just unlock further potential but revolutionise entire industries: blockchain technology and 5G connectivity.
Let’s start by going over what 5G technology actually is. 5G, or fifth-generation wireless, is the next major wireless standard after 4G LTE. The idea behind 5G is to create a much more high-speed network that will be able to handle significantly more data than our current data networks. “The higher speed and capacity that 5G offers mean that it will be easier to integrate blockchain technology and IoT devices. With the current 4G network, IoT devices face a lot of difficulties with communication and management. Using 5G, these devices should be able to communicate with one another much more easily. In other words, blockchain-based IoT devices will be able to exchange information with one another with 5G technology,” says Prashant Malik, founder and CEO of Heru Finance, who is widely recognised as the inventor of Apache Cassandra, the distributed database used by Netflix, Meta and several global enterprises.
The Internet of Things involves connecting everyday appliances and devices to the internet to make them more useful. IoT devices can be anything from your car to your smart TV or even your coffee machine. The problem is that these devices aren’t really all that smart. “That’s where blockchain technology comes into play. Blockchain technology, such as a decentralised ledger, is a peer-to-peer system for recording and executing transactions. This makes it ideal for situations where there are multiple parties involved in a transaction, such as IoT devices. Blockchain technology will make it easier for IoT devices to convey with each other and manage data in a secure and seamless way,” Malik notes.
One instance of using 5G in blockchain could involve vehicular networks to enable the sharing of traffic information. For instance, two vehicles on the road will be able to share information with each other and provide information such as safety warnings. This could be effective in avoiding accidents and traffic congestion. However, this data could be utilised by third-party companies that could spam you with ads. The implementation of blockchain could solve this issue.
Experts also believe that blockchain coupled with 5G has the potential to disrupt the telecom industry. One of the major challenges that the telecom industry faces today is generating bills when a user travels abroad. The international roaming charges are exorbitant, this is because there are several parties involved in ensuring that you can access mobile network. Not only is this expensive but it makes it inconvenient for internet service providers (ISPs) too.
Blockchain technology can be applied in different industries. This can be useful in industries such as fashion where consumers want to know where their clothes are coming from. “Using blockchain technology will make it easier to track and authenticate goods. It can also be used to improve inventory management. For example, if one of your suppliers has a stock shortage, you can be notified in real time when the blockchain system detects it,” he said.
One of the biggest reasons for implementing blockchain technology in the supply chain industry is the increased transparency and security. “One of the most useful applications of blockchain technology is in tracking the movement of goods. If a product is shipped overseas, it can be difficult to know exactly where it is and when it will arrive. Using blockchain technology, businesses will be able to track every step of the journey,” explains Malik.
The future is certainly exciting thanks to 5G and blockchain technology. These two technologies are expected to revolutionise industries and change the way that we live.
POWERING AHEAD5G is the next major wireless standard after 4G LTE
5G networks have faster speeds and more capacity
Blockchain with 5G will revolutionise supply chain to telecom industry
With blockchain tech, all of your data is encrypted and can only be accessed by those with permissions