5G is the new generation of network technology. But, hang on, another generation? Every generation before it has held great promises, but how can the next one changes the “game” again?
In effect, 5G network aims to overcome the strain of current 4G rising mobile traffic. By freeing up this constraint, 5G promises yet another network technology with more speed, capacity and uses.
New capabilities, such as hyper accurate GPS and super-low latency connections between network and the end device—although these don’t mean much to a lot of laymen out there, but in theory, 5G is about as instantaneous a network technology can get.
In aggregate of 5G’s potential, a lot of research and pilots are being conducted to bring about the speed the next economy requires to be seamlessly digital. Think driverless cars, and data-center gaming, e.g. Google’s recently announced gaming platform, ‘Stadia’ that seeks to turn the gaming landscape on its head by offering access to high end gaming via fast speed internet, thus omitting the need for high-specification gaming consoles. These are just a couple of noteworthy examples to note when one thinks of 5G.
As entrepreneurs, what do we do? Today, innovation has become ever so important. In an economy where speed is an obsession, 5G offers a lot of the advantages that hypothetically can improve today’s products and services significantly.
Who gets there first, or rather, who has the fastest growth engine is always more likely to gain a profitable lead. As entrepreneurs, businesses need to identify new ideas ahead of time to take full advantages of what 5G can offer.
Given the potential 5G brings, most notably faster network performance, many new uses will be created by the technology. In general, industries that in past years were not connected, say, the automotive industry, and real estate, can completely evolve with the advent of 5G.
The rail industry is another example. Moving to digital, many new applications can be devised to free up some of the pressing constraints around urban citizens’ movement. In short, multiple factors are combining to create the next digital economy and these changes are already taking place at breakneck speed.
What role your business will play in the future is an important consideration against the backdrop of tomorrow’s light-speed connection. The answer, in part, will help your business establish the point of departure on your journey to success in the next economy.
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