The Numerous Repercussions of Linking 5G with Blockchain

April 06, 2019 Quick read

When the technology of the Internet of Things (IoT) was awakened in digital devices, multiple analysts cited the major security concerns that it would give shape to.

The inception of 5G to the crypto market however changed this belief as the wave of 5G would singlehandedly bring about a change in the speed of the data rate, diminish latency, save energy, lessen overhead costs, enhance data connectivity and be more competent to manage bigger systems.

The Million Possibilities That Lie Ahead

When fused with 5G, Blockchain technology has the potency for limitless possibilities that will be cost-effective and in the process, more economical. As 5G has high network coverage through its undeniable capabilities make way for more IoT devices to be employed by people. What IoT devices do is that they leverage Blockchain technology as underlying layers waiting to be explored. Owing to this, smart systems such as smart cities and smart homes along with driverless vehicles and sensor-driven upgradations will be aligned with an inventive technology that will systematically manage them and their requirements.

Moreover, the foundational layers of Blockchain will provide the security of IoT transactions which sanction over second-layer networks where all settlement disputes will be handled on the network. The total network power of IoT as a whole will be reinstated by 5G network scope. Maybe in future this advancement could also be applied to Monero Exchanges.

In addition, Blockchains will find an assistant in 5G will make all on-chain activities more scalable by upping the node participation to drive fruitful results to the IoT's state of economy.

Furthermore, 5G will directly assist Blockchains by increasing node participation and decentralization, as well as allowing for shorter block times, driving forward on-chain scalability — all of which, in turn, further supports the IoT economy.

Let's have a look at the story of 5G in the world of crypto.

The Inception of 5G

While US has already started using 5G technology in few of its cities, global domination will only be made possible by 2020.

Major brands like Samsung have already started exploring the various potentials of 5G as soon Samsung is due to release the 5G-compatible Galaxy S10 model all set to launch soon. Similarly, brands like Huawei and LG will do the same.

Birthing the Internet of Things

The multiple pros of 5G are proof how much technology has advanced and how many devices can connect to each other at a single time.

In terms of IoT, low latency is essential for smart homes or automated vehicle systems to communicate effectively without facing the underlying hurdles of massive lag times. The reduction of latency could give birth to an entirely new concept known as the Internet of Skills (IoS) where experts will be able to work remotely by headsets augmented with virtual reality.

Fuelling the Automation Drive

The first thought that comes to the mind whenever someone hears automation is robots. And why not? A robot can easily do everything that a normal human being can do and also much more. The reality is different however - Automation with 5G does not necessarily mean replacing robot technology to carry out everyday tasks that can already be observed with smart homes.

Instead it means that even automation will enhance when integrated with the technology of IoT that will have uncountable devices bonding over 5G.

The Looming Roadblocks

5G is advanced technology at its finest and there's no argument over there. However, there are potential roadblocks that may pop out of nowhere with 5G.

·       Malicious devices could go berserk beaten down by extra interconnectivity.

·       The launch of 5G will result in an explosion of transactions between all the devices on the existing network.

If Converting Monero to Bitcoin could become so popular then it's not going to be long before 5G will revolutionize Blockchain technology.