Plans to deploy 5G, the fifth-generation technology standard for broadband cellular networks, could be the next catalyst to change the pace and direction of blockchain and metaverse technology adoption in India according to several technology industry heavyweights.
The Indian Express spoke with several of these experts including Sunil David, co-chair of the IET Future Tech Panel’s digital communications working group; Dr. Ravi Chamria, CEO and co-founder of Zeeve, a blockchain infra automation platform; and Edul Patel, CEO and co-founder of digital assets exchange Mudrex.
Sunil David shared that 5G broadband will power a new era of Internet of Things (IoT) devices. The low latency, high speeds, and immense capacity of 5G will make smart cities, driverless vehicles, smart homes, and other sensor-driven enhancements for industrial use cases all possible.
However, without blockchain technology the data generated by the communication of these devices with themselves over the internet will not be private or secure, he said. Chiming in, Ravi Chamria added that the design of 5G makes it highly beneficial to distributed and decentralized IoT application ecosystems.
Edul Patel pointed out that another key benefit of 5G will be in improving the user experience of metaverse platforms. He also noted that the marriage of blockchain technology and 5G could cut down consumer costs for both cross-border payments and cross-border cell phone coverage.
“To completely replicate the physical world in a virtual ecosystem requires a lot of internet bandwidth. And the faster the internet, the faster and better would be the rendered version of the physical world. Potentially, 5G has the potential to enable a real-time rendition of different physical environments,” Patel explained.
India, 5G, and blockchain technology
The experts’ opinion is coming on the back of India’s prime minister’s announcement that 5G mobile services will start soon. Narendra Modi said in his independence day address that all the needed infrastructure has been put in place to enable 5G coverage to reach even villages as reported by Mint.
Per a Reuters report, India began auctioning 5G broadband spectrum back in July. The process drew bids worth over $19 billion from telecommunications companies, with Reliance Industries’ Jio emerging as the biggest spender.
Globally, experts also agree that 5G broadband will be game-changing for blockchain technology adoption. Notably, the Bitcoin blockchain has been identified as one of the ideal ledgers for recording data from hundreds of billions of IoT devices.
Watch: Dr. Craig Wright’s keynote speech: A Better Internet with IPv6 and BSV Blockchain at the BSV Global Blockchain Convention
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