The Implications Of Fusing 5G And Blockchain

  • The 5G platform brings a high data rate, reduced latency, energy savings, cost reduction, higher system capacity and massive device connectivity, according to analysts.
  • The power of 5G coverage through its reduced latency, high speeds and capacity allows for IoT devices to become widely used.
  • As foundational layers, blockchains can provide consensus and security while the majority of IoT transactions and contracts occur on second-layer networks, with the opportunity to settle payment channels and transaction disputes on-chain.
  • It is both possible and preferable to defer the majority of transactions to layer two protocols like the Lighting Network that operate on top of blockchains, through the use of payment channels or sidechains.
  • By extending coverage to remote areas as well as providing increased connectivity to nonstatic devices such as mobiles and tablets, there could be significant increases in network participation and, with that, improved security and decentralization.
  • In turn, this would offer far better support for IoT devices using blockchains for settlement, consensus and security.

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