Biz Tips: How 5G Will Impact You and the Economy

Biz Tips: How 5G Will Impact You and the Economy

Biz Tip:

How 5G Will Impact You and the Economy

One thing that we can all imagine with the next generation of connectivity is higher Internet speeds. 5G does just this with speeds nearly ten to a hundred times the speed of 4G networks: 2Gb/s to 100Gb/s! That’s like downloading a movie in high-definition in a flash. Straightaway, the benefits in your personal life, and by extension, the economy, become clear.

However, as with all things good, there is always a flipside. In this case, it happens to be the investment required and the very low range offered by 5G architecture. The main challenge here is that not all cities and rural areas are 5G ready. You have to be very close to the access point to get 5G speeds. Given all the speculation, let us separate the facts from fiction.

Working from Home

There is a discussion that the workplace won’t be the same after the COVID-19 health emergency worldwide. Despite the expensive infrastructure, it’s easy to see 5G modems finding their way into offices and homes everywhere. Fast and dependable connectivity makes a strong case for being able to work from home.

Keep in mind though, devices need to be 5G compatible before we can take advantage of the faster speeds. The first phase 5G devices have barely come out and Apple doesn’t have a launch plan until at least 2021 for the first 5G iPhone.

Once you can get your hands on a 5G device, you will be able to safely bid goodbye to any connectivity lags or log on issues. Imagine being able to see a team of a hundred people, all broadcasting high-definition video. We are talking very little latency, much higher system capacity, lower costs and still super high data rates.

The Internet of Things

Given the improved capacity and bandwidth, there is a lot of promise in 5G technology when it comes to connecting all manner of appliances, devices, and services. Imagine your refrigerator staying connected with your modem, providing servicing updates to Samsung or LG directly. Imagine being prompted about leaks in the cooling system or having service scheduled without initiating from your end. Imagine having your convection oven tell you if it’s overheating or your CCTV broadcast live feed to your phone if it detects any suspicious activity.

You just have to imagine being connected with all kinds of important information at all times – with no compromises. For example, a 5G enabled TV will be crunching several times more pixels than the latest 4K TV. On the business front, heavy machinery, jet and wind turbines, railways and intermodal transportation – what have you, will find an IP address in the IoT space. This can lead to improved decision-making that comes from near-perfect information from all nodes in the supply chain.

Healthcare

While remote robotic surgeries have been introduced, there are certain restrictions in full-on adoption. These restrictions have to do with the nature, strength, and bandwidth in connectivity. With advanced 5G infrastructure, patient complaints would be far easier to diagnose remotely. Once investments and reporting infrastructure are made (for which the hardware already exists) remote surgeries will also be possible.

These digital avatars further provide state-of-the-art healthcare at the patient’s location, saving lives and reducing overall healthcare costs. Connectivity, properly done, has the potential to single-handedly revolutionize healthcare worldwide. There’s the potential to not even have to deal with the doctors or the broken healthcare system in your country!

Just walk into a robotic medical center, sign off on a few waivers, and have an exceptionally qualified surgeon from China (one who repeats your procedure a couple dozen times a day) take care of you in your budget and on your schedule! Imagine checking out his reviews online and comparing him to other physicians from India, the Philippines, or Brazil. You could take your business anywhere!

Manufacturing and Transportation

5G will have an impact on manufacturing and transportation as well. However, a major hurdle in the full-on deployment of self-driving vehicles is the issue of connectivity. Even in areas where that is not an issue, the introduction of 5G would make transportation safer. For instance, connectivity could enable your vehicle to communicate with dozens or hundreds of other vehicles in the vicinity.

With that information, it could automatically figure if a dangerous driver is approaching nearby. Cars could also communicate enough information amongst themselves to figure out the best routes in real-time – even before an accident is reported!

Manufacturing is quickly turning to automation. The implementation of 5G networks will improve the connectivity and efficiency of these processes Without 5G, industry 4.0 standards would be a pie-in-the-sky. Superconnected manufacturing and transportation will improve processes throughout the entire system and can help make smart cities a reality.

Economic Impact

To understand how revolutionary 5G will be for the economy, your only need to look back at the past 15 years. 3G and 4G technologies have heralded an information revolution, allowing unprecedented economic change globally. In fact, we can look forward to removing the last vestiges of economic constraints. The free flow of information is precisely what the world needs moving forward.

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