The Role of Blockchain in 5G Technology
Presently, the blockchain and 5G technology are the most highly debated and hyped on the marketplace.
Blockchains are a collection of blocks connected through cryptography, or rather ‘chain’. Each block has transaction data encrypted and therefore can not be changed. This means that two parties, with no need for further verification, can transact in a secure manner. This suggests a whole new approach to trust.
Presently, the blockchain and 5G technology are the most highly debated and hyped on the marketplace. Many organizations and companies have embraced this new technology, though few are yet to take a chance.
5G is a groundbreaking mobile telecommunications technology that promises to be 20x faster than the 4G technology today. Blockchain technology, meanwhile, has emerged as an enabling, disruptive, and revolutionary technology that has begun to be implemented across many vertical domains of the industry. In a trusted, decentralized, and protected manner, Blockchain has been increasingly used to register, authenticate, and verify properties and transactions, control interactions, record data and manage identity amongst multiple parties.
Through its secure distributed ledger, Blockchain can provide encrypted 5G data services. Some interesting characteristics, such as immutability, decentralization, transparency, and privacy, enable the system.
According to Forbes, “If blockchain had not already been invented or thought of, it would certainly be in development to address these needs. Taking a step back from the specifics of blockchain, it makes perfect sense that in order for this array of new inventions, products, and services to operate as advertised and create the economic growth that is predicted, the information that underpins these inventions must be secure. A smartphone malfunctioning might represent an inconvenience, but if self-driving cars are hacked or other industrial devices connected to a 5G network are hacked, it can very quickly become a dangerous situation for all parties involved.”
Billions of mobile communications are now handled by thousands of clients and providers every day in the hundreds of linked networks. Telecom firms are currently managing this tangled network of procedures and frameworks to personally handle settlements, and outsource the reconciliation process in many instances.
Blockchain is one way of fighting the uncertainty associated with handling the future of communication. With transparency-based origins, blockchain has the potential to proactively tackle increasing consumer prices as a result of cross-border settlements, and with 5G to ensure interoperability and reliability of international roaming and cross-border cellular networks.
Although it’s not a perfect tool, Blockchain is well placed to solve some of the problems currently present in the field of technology and maybe the magic ingredient required for the further implementation of 5G.