Last week, Prime Minister Narendra Modi launched the 5G (5th generation) telecom services at the India Mobile Congress in Delhi. The technology aims to deliver a communication system with high data rates, minimal latency and seamless coverage. It is expected to come into force by 2024–2025.
Along with ongoing technologies, 5G has tried to give a long queue to emerging technologies, such as Blockchains, metaverse, crypto, Web 3.0 and non-fungible tokens (NFTs).
“5G will play a decisive role in promoting the use of Web 3.0 technology. An increasing number of enterprises are starting to use Web 3.0 technologies, and especially metaverse,” said Akhilesh Tuteja, Global Head – Cyber Security Consulting, and India Head – Digital Consulting, KPMG.
How will 5G Blockchain technology help
Industry experts believe that 5G’s inherent higher speed and better energy management efficiency will facilitate the integration of Blockchain-related technologies, and enhance and improve commerce.
“Blockchain will ensure data reliability and security, thus enabling smarter and faster value functions in the complete review. 5G can lead to ultra-fast crypto transactions and more clarity for the users, along with reduced dormancy, sharp device connectivity and highly lower costs, ” says Dileep Seinberg, founder and CEO, MuffinPay, bill payment and utility crypto.
However, some technology experts believe that 5G will play a crucial role in providing seamless experience in social communication games and handling detailed 3D avatars of products.
“This will become visible when collaborating on the design, demonstration or service of these products using virtual technology. In such cases, both latency and speed are the keys,” says Sunil Maheshwari – Co-Founder – StellAR-AugmentedReality.
Opportunities in Metaverse from 5G
Metaverse is all about replicating a large, immersive world with lossless performance, millions of avatars, lots of real-time transactions, interactions and/or communication, along with an extra layer of XR, which requires multiple rendering, all of which require a powerful , high-speed internet, promising 5G.
“There is no doubt that the consumption and various new use cases of metaverse will increase manifold with the advent of 5G,” said Rajat Ojha, CEO of Gamitronics and PartyNite, a company behind metaverse technology.
Ojha further said that 5G promises consistent coverage and capacity, as well as mobility support, low latency and reliable communication to enable devices to download more to the edge and leverage edge rendering/streaming.
“Since it’s essential for metaverse to work seamlessly and provide a user experience like never before, there’s no doubt that metaverse is only going to become more accessible to people,” he says.
Metaverse of products will have many use cases, one of which is a digital twin, which will help industries get visualization along with the massive amount of data generated from every machine in the industry using IoT (Internet of Things) sensors, which will help in doing predictive maintenance of mission-critical machines before they break down.
“It saves money, and the most important thing is that these machines will never break the systems, e.g. water supply pumping station, power stations, machines that drive ships and/or submarines,” says Maheshwari.
How it will benefit the NFT industry
The NFT market rose from its peak of $17 billion in early 2022 to $470 million in September 2022, a whopping 97 percent drop, data from Dune Analytics, a blockchain analytics firm, showed.
5G has now given hope to the people in the NFT industry of a revival.
“While there may not be a direct impact, 5G is expected to improve the quality of connection and mitigate issues related to network bandwidth, especially when it comes to Blockchain/Web 3.0 games. The question of whether the network ‘ Whether or not an intense game with NFTs can support it will be effectively answered by bringing 5G into the connectivity equation,” says Arjun Reddy, CTO at Guardianlink, an NFT platform.
How it will affect Cryptos
This upgrade will allow Blockchain-based applications that require real-time data processing, such as DeFi platforms, crypto exchanges and payment systems, to flourish.
“5G will also open up possibilities for the development of applications, such as Blockchain-based IoT networks that can support millions of devices, which are virtually impossible for the current infrastructure to handle,” said Shrikant Bhalerao, co-founder, Seracle, a Blockchain- company.
In general, the entire Blockchain industry is optimistic about 5G, as it believes that Blockchain will ensure data reliability and security, thereby enabling smarter and faster value functions in the complete overhaul. In addition, Seinberg notes that 5G could bring about ultra-faster crypto transactions and more clarity for the users, along with reduced dormancy, sharp device connections, and highly lower costs.
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