Rollout plans for 5G, the fifth-generation technology standard for cellular broadband networks, could be the next catalyst to change the pace and direction of blockchain and metaverse technology adoption in India according to several heavyweights of the technology industry.
The Indian Express spoke to several of these experts, including Sunil David, Co-Chair of the IET Future Tech Panel’s Digital Communications Task Force; Dr. Ravi Chamria, CEO and co-founder of Zeeve, an infra blockchain automation platform; and Edul Patel, CEO and co-founder of digital asset 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 enable smart cities, driverless vehicles, smart homes, and other sensor-driven enhancements for industrial use cases.
However, without blockchain technology, the data generated by these devices communicating with each other over the internet will not be private or secure, he said. Panelist, Ravi Chamria added that the design of 5G makes it highly beneficial for distributed and decentralized IoT application ecosystems.
Edul Patel pointed out that another key benefit of 5G will be the improved user experience of metaverse platforms. He also noted that the marriage of blockchain technology and 5G could reduce consumer costs for 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 the rendered version of the physical world. Potentially, 5G has the potential to enable real-time rendering of different physical environments,” Patel explained.
India, 5G and blockchain technology
The expert opinion comes on the heels of India’s Prime Minister announcing the upcoming launch of 5G mobile services. Narendra Modi said in his Independence Day speech that all necessary infrastructure has been put in place to enable 5G coverage to reach even the villages, as reported by Mint.
According to a Reuters report, India began auctioning 5G broadband spectrum in July. The process attracted bids worth more than $19 billion from telecom companies, with Reliance Industries’ Jio becoming the biggest spender.
Globally, experts also agree that 5G broadband will be a game-changer for the adoption of blockchain technology. Notably, the Bitcoin blockchain has been identified as one of the ideal ledgers to record data from hundreds of billions of IoT devices.
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