Blockchain Technology and 5G Internet – What to Expect?

Blockchain Technology and 5G Internet – What to Expect?

The future of technology lies in high speed and increased security. 5G internet and blockchain technology represent both swift speed and foolproof cyber safety.
As per a research, the IoT market will reach $1.1 trillion by 2026. More number of “smart” devices need better connectivity and separate identity. In this hyper-connected world, 5G internet and blockchain technology become even more important.
Let us find out how these two disruptive technologies will shape our world–

WHAT IS BLOCKCHAIN TECHNOLOGY?

If you keep up with business trends, you must know words like cryptocurrency and bitcoin. Most of us are aware of these terms. But, very few understand their back-end technology – blockchain.
However, blockchain is a lot more than a digital currency.
In simple terms, blockchain is a distributed database that exists on many systems. Every “block” has a timestamp and certain information. Every block is also linked to the previous one. Thus, a “chain” is formed.
Now, you may ask about the security of data? Let us answer your question below. The entire database is independent. One can only add new blocks while the old blocks remain irreversible. This eliminates the risk of manipulation by fake data. Every block has a unique encryption and a special cryptographic key. Only one user can have this key. This ensures that the information remains accessible but cannot be manipulated. If you have the key, only you can add new blocks.
Cryptography synchronizes the copies of the blockchain on every node of the network. To learn more about blockchain, you can always refer to our consulting services.

WHERE IS BLOCKCHAIN TECHNOLOGY APPLICABLE?

Blockchain technology is the most disruptive technology of the last two decades. It has revolutionized the business world with its decentralized nature and secure transactions.
Studies suggest that the market cap of its application will reach over 30 billion by 2024. This technology keeps track of the entire customer journey; be it a financial transaction or sharing of business intelligence. Contrary to popular belief, blockchain technology has more than 200 cases. It is much more than cryptocurrency.
Some of its important uses are:

DIGITAL IDENTITY:

Use of cryptographic keys help in establishing a strong, unbreakable digital identity. In 2019, everything requires a digital ID.
It may be a banking transaction or a simple swipe to enter your office.
Traditional systems protect our confidential information with a simple, unsafe password. Whereas cryptography requires a private key and a public key for authentication. Only the owner of the complete digital signature can access the data.

Both public key and private key form a digital signature.
Both public key and private key form a digital signature.

APP DEVELOPMENT:

Blockchain technology makes app development a simpler and more reliable process. It is cost-effective and takes lesser time to develop.

The biggest challenge mobile developers face is the threat to cyber-security. Blockchain brings transparency and increased safety to user’s data.
The use of blockchain technology is more beneficial for applications related to healthcare, financial services, and supply chain. To learn more about blockchain application development, check out our insights

SUPPLY CHAIN MANAGEMENT:

Supply chain management requires continued cooperation between multiple parties. The centralization of this system leads to confusion and mishaps. Moreover, there’s always a chance of fraud and misrepresentation of data. A centralized distributed ledger system like blockchain helps in streamlining the entire supply chain process. It brings transparency and security.
We provide exemplary services in the field of supply chain. Read more about it on our website.

Blockchain the future of technology since it enables security. The number of smart devices is increasing every day. Hence, we require a foolproof technology and high-speed internet to ease it.

5G – THE INTERNET THAT FLIES

5G – the network of future
5G – the network of future

5G is the internet of your dreams. You will be able to everything you do online at a much faster rate. It will enable faster downloading, quicker streaming with a more stable connection. If you’re a fan of sci-fi movies, 5G will make most of your fantasies come true.

HOW WILL IT HELP US?

Studies suggest the 65.53% of the entire work population is connected with a cellular device. In fact, the number of mobile connections has exceeded the world population by 1 billion. All of us depend on a smart device for necessities in life.
The present internet network is weak and crashes under pressure. The number of IoT is only going to increase. What we need is faster and stable connectivity. 5G internet will address all these problems. It can handle millions of smart devices simultaneously. It can provide more stability and reduce system breakdown.

ROLLOUT OF 5G NETWORK

5G network is soon going to be a reality. A study by Gartner shows that 7% of CSPs worldwide have already deployed 5G network.
As per Sylvian Fabre, “5G wireless network infrastructure revenue will nearly double between 2019 and 2020”. The worldwide revenue of 5G network will reach $4.2 billion by 2020.

BLOCKCHAIN TECHNOLOGY AND 5G NETWORK – WHAT TO EXPECT

The rise of 5G network and blockchain technology are highly dependent on each other. 5G network will bring seamless and real-time interaction between smart devices and humans. This faster wireless network will bring down latency rate drastically.
Latency is the time lag between instructions for an action and its performance. A lower latency rate will accelerate the speed and performance of smart devices.
Here’s what we can expect with the onset of the 5G internet and blockchain technology-

THE TRUE POTENTIAL OF INTERNET OF THINGS:

The interconnectivity of Blockchain, 5G and IoT

Internet of Things, or IoT, is a term given to everything connected with a computing device. It could be a machine, a robot or even a human with a computer chip. Your alarm clock, security system, vending machines or a Smart TV are all IoT.
They are bound to improve processes and ease social life. But, they cannot function without high speed, low latency and a stable network. 5G network eliminates all these bottlenecks.
An increase in number of IoT may also create a security issue. Blockchain technology provides better transparency with decentralized distribution.

THE RISE OF INTERNET OF SKILLS:

Internet of skills (IoS) is a new concept. It enables specialists to provide their services virtually. A dentist could perform a medical procedure with virtual headsets. An electrician could fix an appliance in a similar way. All this could only be possible with low latency and high transparency. 5G and blockchain technology would help establish IoS.

THE INCREASE IN AUTOMATION:

A smart city or world would consist of interdependent cellular devices. Their use would automate human processes and simplify tasks. The process of automation would become useless if the network speed was slow. Too many devices would create chaos without security.

5G network and blockchain together would speed up the automation process.

THE VERDICT:

5G internet and blockchain form a synergetic relationship. Their benefits would revolutionize the use of technology and overall quality of life.
Their multifold relation will forever change the way we function.
The world will only get smaller and virtual in the years to come. We need faster internet and a secure technology to safeguard data. 5G and blockchain will soon become the pillars of technological advancement.
Many companies have realized the benefits of blockchain. As a progressive organization, you must join the bandwagon to a seamless future.

We, at Parangat technologies, have years of expertise in blockchain technology and its application. It is time for you to upgrade to future.
Contact us to learn more about blockchain and how we can help you implement it in your business.