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Michael97

Blockchain and 5G

Question

I was reading an article on blockchain's potential role in 5G and I would like to hear the opinion of other people on this topic, especially bearing in mind the huge role that 5G is expected to play in the tech industry.

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Hello Michael and thanks for coming here. 

The 5G network is the next big thing. It’s incredibly fast as it reached a download speed of more than 1 GB per second. One of the recent reports showed the expected increase in the 5G connections from around 10.0 million in 2019 to 1.01 billion in 2023. 

Blockchain has a similar potential as well. It looks like a potent combination on the paper. For instance, mobile banking networks would benefit immensely from the speed of 5G and security that blockchain provides. 

Although interoperability and scalability are likely to act as two major obstacles to the integration of both technologies, there’s definitely a case for these two combining its strengths to facilitate a huge number of potential use cases.
 

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Hello Michael, thanks for asking the question.

The CEO of China Telecom Blockchain and Dig­i­tal Econ­omy Joint Lab­o­ra­tory, Jiang Wei, has recently made comments on this matter, saying that blockchain has high-potential use cases to improve 5G network services.

It is estimated that around 170 million subscribers will use 5G services in China by the end of 2020. Wei believes that blockchain technology will play a major part in trusted management, secure interaction, and efficient cooperation between participants of the network and devices.

He also said that blockchain in 5G will bring social capital to the 5G landscape as well as help the sector crowdsource the 5G infrastructure. Wei believes that blockchain could bring 5G resource sharing and usage tracking. 

His company is trying to use blockchain to make improvements in international roaming services. Wei thinks that blockchain could remove the need for third-parties and if that’s the case, the mentioned services could become more consistent and convenient. 

“Before we could see an efficient integration of blockchain and 5G, there are multiple issues that need to be dealt with blockchain technology,” said Wei. “Of those, the legality and security aspects of smart contracts are a major concern.”

“In addition, from a design perspective, smart contracts cannot be repaired or upgraded. Therefore, 5G smart contracts need to formulate standardized solutions for bug fixes and updates.”

However, the road to the implementation of the blockchain technology in 5G is difficult. Some of the main issues that make this process complex are scalability and interoperability. Still, Wei believes that with proper collaboration and research the two technologies could become one and bring substantially better communication services to the world. 

Hope I’ve managed to help.
 

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Hello Michael,

When it comes to mobile banking, the combination 5G and blockchain will likely change the game. While blockchain can play a major role in securing mobile banking networks, 5G can ensure these complex networks don’t come under too much pressure from the weight of blockchains. 

In case crypto networks manage to offer payment solutions to these communities, it will represent a large step forward for unbanked and underbanked people. Such a development could be the first phase of additional changes that the developing countries need, including providing reliable access to electricity and high-end internet, as well as cut transaction fees and mitigate economic volatility. It will also help reduce government corruption.

If that’s all 5G ends up doing, it may be a greater leap forward than what has already been envisioned and promised by all those in the mobile industry. 
 

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From my point of view, I think a bigger potential we can see in the stock market. Some of the 5G stocks have reached a great price last year. All this is because of rumors launched in public space regarding the COVID-19. I think that this is one of the facts the caused the increase in the price of some 5G stocks. 

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On 3/19/2021 at 12:13 PM, Alison Wallace said:

From my point of view, I think a bigger potential we can see in the stock market. Some of the 5G stocks have reached a great price last year. All this is because of rumors launched in public space regarding the COVID-19. I think that this is one of the facts the caused the increase in the price of some 5G stocks.

I see that this guy is a big expert in stock market.

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