Will 5G-Powered Wireless Internet Help Boost Blockchain Distributed Ledger Technology Functionality?
The first nut to crack open is asking: “what can 5G do for blockchain?”, or, is it: “what can blockchain do for 5G?”.
5G will push many industries forward, but it could have a particularly big impact on blockchain. Experts believe that the combination of 5G and blockchain distributed ledger technology will lead to significant benefits around the world.
5G will make communications technology cheaper and faster for the developing world. 5G could fuel a surge in micro-payments technology, like cryptocurrencies, as more people adopt smartphones. In the developed world, meanwhile, 5G could lead to the rise of artificial intelligence, augmented reality, and smart devices, making our world more advanced than ever.
Qualcomm President Cristiano Amon expects 2020 is the year 5G goes mainstream. He expects 5G to spread throughout major metropolitan areas in 2020, then expand into developing countries in 2021. Amon also expects phone companies to ship over 200 million 5G smartphones by next year.
As 5G communication technology expands worldwide, it could also fuel the rise of distributed ledger technologies (DLTs) and blockchain. In fact, 5G could be the biggest thing to ever happen to blockchain, cryptocurrencies, and distributed ledger technology.
As greater connectivity and a possible 100X faster internet latency potential, 5G is estimated to take today’s lag effect of 100ms and churn it down into a chiseled 1ms. At a one hundred times multiple, not to mention billions more users around the world coming online at high speed bandwidths for the very first time, blockchain as a cadaster will only become more alive and well as more become plugged into the 5G-powered internet 2.0 web that could be utilizing a blockchain-based codebase that is of course, decentralized and peer to peer at its core. Not to mention the additional caveats of having no third-party…