Enabling connected enterprises of the future

Together with Blockchain and IoT, the newly rolled out 5G technology will accelerate Web 3.0 adoption in India to spur the Industry 4.0 revolution

5G telephony is a reality in India, with telecom players like Airtel and Reliance Industries officially rolling out services in several cities, promising affordable and total connectivity across the country by December 2023. This will mark a massive shift in the way enterprises operate, especially when advanced telecommunication systems work in conjunction with rapidly evolving Blockchain and the Internet of Things (IoT) technologies.

The integrated approach brings in a multitude of advantages, adding efficiency and visibility to the supply chain ecosystem. It opens up the door to the connected factory of the future and also enables near real-time data management riding on the lower-latency networks.

Blockchain and 5G will complement each other in increasing the adoption of decentralised networks for enhanced supply chain collaboration and visibility.

Blockchain and 5G technologies will complement each other in increasing the adoption of decentralised networks for enhanced supply chain collaboration and visibility. While 5G will provide the needed infrastructure for machine-to-machine interaction, Blockchain will ensure data reliability and security, enabling smarter and faster value to the enterprise’s operations.

The day is not far when enterprises across industries be it retail, automotive, healthcare, manufacturing, construction, energy and utility, agriculture and more will be able to build more resilient and efficient supply chain systems, thanks to the coming together of these foundational technologies.

Lower latency drives near real-time data management

IoT sensors are designed to give companies real-time visibility of their supply chain by providing data on the location and condition of the supplies as they are transported across the world. With the coming of 5G-enabled networks, however, IoT sensors embedded into trucks, or moving assets can communicate across lower-latency networks – minimal delay in the processing of computer data over a network connection – for truly real-time data management and automation of tasks.

While 5G will provide the infrastructure for M2M interaction, Blockchain will ensure data reliability and security for smart enterprise operations.

With ubiquitous connectivity made possible by 5G, communication lines will remain open even in low-density areas and smart contracts can be implemented more easily, even on tiny devices like sensors. In simple language, this means 5G will power Blockchain IoT applications to better track the movement of goods ensuring that they stay within specified conditions like temperature, position, arrival times, and status of shipping containers as they are shipped from point A to point B. While blockchain can store, manage, protect and transfer these massive flows of smart information the coming of 5G will accelerate the actual flow of information even in challenging contexts.

Smart contracts for intelligent, resilient supply chain

Blockchain-powered programmable smart contracts are self-executing contracts that trigger transactions when pre-specified contractual obligations are met. This is one of the more disruptive effects of blockchain, but for smart contracts to be enforced automatically, there is a continuous need for data that can be transmitted and verified.

One common way of implementing this is through ‘Oracles,’ whose role is to provide this data. And with the coming of 5G, IoT-led data can be delivered with greater efficiency across faster networks with better cloud connectivity, to support intelligent decision-making and smart contract-led automation on the go.

Trustworthy, immutable and decentralised data flow

With a growing number of next-gen smart connected devices all with their processing and storage capacities, there is a high need for trust and security within different nodes of the network. Web 3.0 technologies make available indelible electronic records for every transaction on a decentralised, public or permission-led network and Blockchain attributes such as the immutability of transactions help ensure that all parties can trust the data and take action to move products quickly and efficiently. This decentralised peer-to-peer system of digital ledgers of transactions has inbuilt safeguards in place eliminating the risks of hacking, third-party changes, or cheating.

In the decades to come, the interplay of these foundational technologies will lead to the creation of new markets and innovative services in the fields of intelligent transportation, smart cities, medical treatment, smart agriculture and many others. With 5G connectivity becoming a reality in Indian cities, and Web 3.0 technologies powering the effective monitoring and control of connected IoT devices, we look forward to a truly open, connected, inclusive and profitable future, for enterprises and consumers alike.

By Vaideeswaran Sethuraman

Sethuraman is the founder and CEO of Param Network

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