Internet-of-Things by definition is all about products services which will have implications on businesses as well lives. Infact, market research seems to suggest that the benefits of Internet of Things (IoT), such as fifth generation (5G) mobile network, can transform human lives by providing the ability to ensure connection with different kinds of devices. It is believed that the integration between 5G and blockchain has the capability of bringing economic value to various communities.
According to Ericsson, a telecommunications company, the number of internet-based devices are increasing and are expected to reach 18 billion in 2022, and the issuing and management of digital identities for those devices is a fundamental part of security and automation for these devices. “Blockchain as a technology requires huge network capacity to function optimally. This is another reason why 5G is a boon as it is capable of providing the required network capacity. Higher network capacity would also mean lower block times and greater scalability” Srinivas L, CEO and CTO, Rooba.Finance, a digital asset management platform, told FE Blockchain.
Insights from market research showed that use of 5G-backed blockchain can provide advantages to industries by amplifying speed of internet connections, help increase the digital space’s utility, better security and transparency, among others.
Research published by Blockchain Council, a corporate office, highlighted that the combination of 5G and blockchain carry the capability to enhance the mining of cryptocurrency in terms of transparency, improved mining speeds, and intelligence. Integrated technology has the potential to transform the global telecom industry through application of blockchain products in international payments and mobile portability.
“5G and blockchain is expected to be a game changer for India in the upcoming days. It is expected to aid in the redesign and elimination of of issues related to the government’s essential services. 5G-based blockchain has the potential to provide continuous coverage the country’s most remote areas. It will help in improvement of energy and spectrum efficiency, as well as network efficiency,” Arshdeep Singh Mundi, managing director, Netplus, a telecom-based platform, stated.
While the roll out of 5G networks is still at a developmental stage, experts believe that the cost of 5G-based services for blockchain investments is expected to be Rs 492 crore per megahertz (MHZ), which refers to a unit of frequency equivalent to one million hertz. Reportedly, India’s 5G spectrum pricing will be seven times that of United Kingdom (UK). It is believed that 5G-based blockchain applications are expected to be implemented in industries such as financial services, travel and mobility, infrastructure and energy, healthcare, entertainment, among others.
Moreover, research has shown that application of 5G and blockchain will have an impact on how services are delivered to consumers and businesses. As reported by IEEE Access, a scientific journal, networks integrated with blockchain can be customised based on location and subscriber needs, to adjust supply and demand needs. It further mentioned that use of blockchain can help improve the internal operation in core networks such as Operational Support Systems (OSS) and Business Support Systems (BSS) to reduce costs and increase flexibility.
“The emergence of 5G networks, extended reality (XR) devices and metaverse applications seem to have ushered in a new Internet era where content is no longer consumed through two-dimensional (2D) screens but through three-dimensional (3D) environments. 5G will also usher use cases in the era of technology advances in the country such as virtual reality (VR), augmented reality (AR), among others,” Akhil Gupta, associate professor, Lovely Professional University, an educational institution, noted.