2018 ranks among the worst years in the cryptocurrency industry. The markets nosedived resulting in the demise of hundreds of ICOs. Nonetheless, while speculators quit amidst the bursting bubble, 2019 can become an excellent opportunity for the markets to reboot. Just like blockchain, 5G wireless technology will pave way for many applications including cloud communication.
After the buzz and noise in the market subside, blockchain developers can now think soberly about how to integrate the new technology with real-world industries. The communication industry is the most promising sector to pair with blockchain. The centralized control of infrastructure resources and user information makes the sector vulnerable to data breaches.
The 5G technology on the horizon will need more servers and bandwidth to process the high amount of data involved with low latency. Blockchain on its part can break the monopoly of the big companies and facilitate excellent growth of a sharing economy in the communication sector.
The decentralized technology will also enhance data security for all consumers and minimize costs for dApp developers as well as telecom providers. The small and medium-sized app developers will benefit from the peer-to-peer network. It works similarly to a decentralized version of Amazon Web Services. Thus, any person or group may share their idle bandwidth and servers to offer efficient cloud communication services for any app developers who need them.
Blockchain’s tamper-proof consensus mechanism determines the contribution of nodes, in turn, rewarding them with tokens accordingly. That mechanism is impossible in a centralized network provider. A tokenized decentralized cloud communication is transparent and free of monopoly, arbitration bodies, and centralized middlemen. With more nodes joining the decentralized network continuously, it will quickly evolve into a large and strong infrastructure to support data-heavy communication applications.
Benefits for the Companies
Furthermore, the companies that deploy their apps on a peer-to-peer communication cloud on the blockchain will also benefit. They can make use of the shared services and resources to minimize maintenance and development costs. The development cycles will also shorten.
Providers can offer unique unrestricted services on a decentralized peer-to-peer cloud network. Thus, they will not be confined to the standards and pricing rules created by centralized governing bodies. Moreover, customers will have an opportunity to access particular services that suit all their needs.