Blockchain basics: 5G and blockchain the digital wonders

Blockchain basics 5G and blockchain the digital wonders

Ericson and Vodafone recently had an official meetup over 5G and blockchain in the future with regards to economic development.

Dr. Daniel Bergstrom, a senior researcher from Ericsson, had a meeting with the Internet of Things (IoT) and blockchain lead from Vodafone, David Palmer. The main essence of their conversation was basically why blockchain holds global importance.

What is Blockchain?

Blockchain is, first and foremost, a list of links connected together via cryptography. These interlinked devices can perform transactions that can neither be encrypted not modified.

The main function of blockchain is to have interactions without a third party, which produces trust in the two parties interacting with one another.

Blockchain basics: Digital identities

A major factor discussed during this meeting was the surfacing of digital identities. Per Palmer, if seventy billion devices transact only five times annually, the result would be three hundred and fifty billion transactions per year.

Such a huge amount of transactions, in today’s world, requires the abolition of an intermediary and requires trust build-up in peer-to-peer interactions. These peer-to-peer interactions will ensue without the aid of central authorities.

This means that every single person involved in a transaction will not be nameless or devoid of an identity, and this identity will not go unnoticed. It will exist as their digital identity thereafter.

It sounds like a vague idea to own and maintain a digital identity, but a world that is at hand or has already surfaced does not only provides ease for transactions but also provides a significant identity in the digital world.

This will produce a trust layer via the system of blockchain to identify one another in a decentralized world. This ideal co-existence will allow various issuers to subsist with transparency, security, and warmly in the blockchain-led environment.

This digital identity will, in turn, result in helping to achieve a global system of interactions. Once a global system for ID management has been established, true Global IoT can be achieved.

5G and blockchain potential

Examples to quote the relevance and strength of blockchain and its automation in the near future is to run a self-driving car that realizes its own filth and drives itself to a car-wash, clean itself, pay for the service on its own and continue doing the task at hand. Such is the potential of 5G and blockchain working together in a future world.

It could also be used for unmanned shipping of cargo and delivery of items at one’s doorstep without a middle man.

In a world that we’re looking forward to, powered by IoT and 5G, blockchain will provide ideal automation.

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

Related News

Hot Stories

Telcoin Price Prediction 2023-2031: Is TEL a Good Investment?
Tezos Price Prediction 2023-2031: Is XTZ Price Going Up?
Dogelon Mars Price Prediction 2023-2031: Is ELON a Good Investment?
Cardano price analysis: ADA falls with lowly bearish target of $0.23
Binance Coin price analysis: BNB/USD might retest the $281 support in the next 24 hours

Follow Us

Industry News

Grayscale Investments slammed with a lawsuit as GBTC plunges
Taylor Swift's $100M partnership with troubled FTX ended prematurely: Reports
Iran plans to freeze bank accounts for women without hijab
Revealed: the top-5 token Holdings of Alameda
Warner Music Group seals deal with Polygon to release music NFTs

Add Your Heading Text Here