, 2022-10-19 06:55:29,
The introduction of 5G technology is the high point of conversation these days, and it is so for a good reason. 5G has the potential to completely transform the world of business and communication with an unparalleled increase in speed and strength of Internet connectivity. It will also play a pivotal role in enhancing the potential of various emerging technologies such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), and blockchain.
The impact of the 5G technology on blockchains, succinctly put, could be profound. The combination of the two could be a game-changing factor in the financial world. The banking sector, specifically, has already been using various forms of blockchain or Distributed Ledger Technology (DLT) for some time now for security purposes.
DLT enables highly secured transactions without the need for a central authority. For an end-user, this means that even if the banks’ central servers were compromised or became inaccessible, the decentralised DLT would continue to process and maintain the transaction ledger. If blockchain networks can provide payment solutions, it could be of great significance to both the under-banked and unbanked.
While 5G alone has the potential to boost the already successful segment of micropayments; blockchain empowered by 5G together could elevate digital and micropayments to a completely new level.
5G would also be beneficial to the Internet of Things (IoT), which…
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