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.
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
In simple terms, blockchain is a distributed database that exists
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
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:
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.
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
The use of blockchain technology is more beneficial for applications related to healthcare, financial services, and
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
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 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
As per Sylvian Fabre, “5G wireless network infrastructure revenue will nearly double between 2019 and 2020”. The worldwide revenue of
BLOCKCHAIN TECHNOLOGY AND 5G NETWORK – WHAT TO EXPECT
The rise of
Latency is the time lag between instructions for
Here’s what we can expect with the onset of the 5G internet and blockchain technology-
THE TRUE POTENTIAL OF INTERNET OF THINGS:
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
An increase in
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.
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
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
Contact us to learn more about blockchain and how we can help you implement it in your business.