- As 5G networks are rolling out globally bringing high-speed mobile Internet connectivity, it can be used to boost blockchain, says China Telecom chairman.
- Blockchain can be useful in complementing 5G in cybersecurity, the Internet of Things and mobile banking.
- Integrating blockchain and 5G can expedite resource sharing on devices
5G is often spoken about alongside blockchain and artificial intelligence (AI) as part of the technologies that will revolutionize the internet and become instrumental in digital disruption around the globe.
Now, after years of development and anticipation, 5G networks are finally rolling out around the world. And inevitably more economies will accelerate the adoption.
Recently, the technology was even falsely rumored of being a genocide weapon. A crypto evangelist named Jonathon James claimed it was “unequivocally proven that the radio frequencies” were killing people—and not the pandemic COVID-19.
While it wasn’t being used to kill people, it can surely be instrumental in augmenting modern technologies such as AI, IoT and blockchain and vice versa.
In fact, during a recent interview published on Chinese news platform, Cebnet, China Telecom chairman Jiang Wei said blockchain will be very critical for the enhancement of 5G mobile network very vital in areas like “secure interaction, trusted management, and efficient partnership among multiple participants of the devices and network.”
“The integration of 5G and blockchain technology is the trend of the future. Blockchain and 5G are mutually complementary,” he said.
“The blockchain can solve the data security and value exchange problems of Internet of Things applications, and become the main base technology for driving its growth.”
Blockchain synced with 5G will be the future
It is a fact that blockchain technology requires a robust network and 5G provides that capacity making blockchain a more viable solution worldwide. The higher the network capacity, the shorter the block times, making it easier for blockchain to scale, Wei said.
“With 5G the connection delay for several million IoT devices is projected to be less than 1 millisecond. The integration of such a large volume of IoT devices makes it possible to provide mobile users with new commercial models and services. Blockchain-based decentralised management plans will possess a higher level of trust, visibility and traceability and can similarly achieve automated payments,” explained Wei.
“Blockchain can be used for the seamless integration and verification of roaming networks, and the efficient and secure sharing of the user information of different network operators on a shared blockchain network.”
Enabling ‘seamless integration’ and sharing smart contracts
Furthermore, apart from improving payments and data sharing, the integration of blockchain and 5G will smoothen the use of smart contracts and promote resource sharing.
“Blockchain can expedite secure, high-efficiency sharing of 5G resources and tracking of usage situations. The use of smart contracts can achieve disintermediation when it comes to agreement sharing and payment,” he said.
“In accordance with predefined rules, smart contracts can allow different requesters to achieve independent and dynamic coordination of various service contract provisions. Operators can also slice functions on blockchain registration and distribution networks.”
However, highlighting some of the roadblocks, Wei said that some challenges might include “the legality and security aspects of smart contracts.”
Furthermore, since smart contracts can’t be altered, there should be standardized solutions on 5G contracts for potential and necessary updates and bug fixes, he suggested.
China indeed has been taking steps to advocate blockchain technology. China Telecom even published a whitepaper on its plans to uncover 5G enabled blockchain phones. The country also launched its Blockchain Services Network (BSN), which is run as a national utility, capable of accommodating a wide range of protocols.