The days of big telecommunications companies being sole network proprietors are over. With the infinite possibilities that 4G and 5G technology affords, blockchain networks are making their mark around the globe. In a world that is only becoming increasingly unaffordable, smaller tech companies have discovered an alternative to astronomical monthly bills and mediocre service. Blockchain, the technology that makes cryptocurrency or tokenization possible, is a decentralized network that operates under a democratic philosophy with a reward system for participation. Unlike centralized networks operated by big tech giants which utilize one single authoritative database, blockchain utilizes multiple database outposts for optimal functionality.
Understanding How Blockchain Networks Are Established
A blockchain network in its most grassroots state is composed of records, also known as blocks. These blocks may include data, metrics, timestamps, or encryptions. No two blockchains are alike and can be modified to a user’s unique specifications. In order to protect the integrity of a blockchain network, it is subjected to rigorous verification processes by participants and validators. Beyond the internal infrastructure, blockchain networks require physical infrastructure to operate. Multiple computers are required to power the chain, as well as human participants to power and deploy connectivity for the network.
Three components are required to establish a Decentralized Wireless blockchain powered network. These include:
- User Equipment: These are the mobile or IoT devices that participants use to connect to the network. User equipment allows participants to send and receive data.
- Radio Access Network (RAN): Radio units that connect the user equipment with the network and all its wireless capabilities. Information is sent through radio waves to transceivers which is then sent to the mobile core network that connects to the internet.
- Mobile Core Network: Allows user equipment to access entitled services such as mobile data, calls and texts.
Why Mining Algorithms Matter
Mining algorithms are a core component of blockchain network technology that outlines a clear set of goals for its participants. Algorithms operate as a verification system that ensures each participant in the network ecosystem is an equal contributor. This aids the functionality of the network. Through mining algorithms, value is assigned through quality of output by each participant and rewards are distributed accordingly. Penalties are in place for players who engage in deceitful behaviour, such as counterfeiting a GPS signal. Together, users and validators work as a team to challenge and confirm node data to ensure network integrity. The ultimate goal of mining is to optimize network performance and improve user satisfaction for a reliable connectivity experience.
Benefits of Blockchain for Communication Networks
Smart contracts – They are essentially a digitized consent form that transparently communicates the network guidelines. Smart contracts ensure that the participant agrees with the rules and will follow them accordingly. This establishes a level of trust unachievable by centralized networks because information is accessible to all participants and inalterable.
- Transparent – Data accuracy is maintained and protected by distributed ledger technology. All participants can review transactions and data but are unable to modify records. Any changes made can be easily traced to the change agent.
- Efficient – Blockchain networks produce lightning-fast transactions by utilizing smart contracts, distributed ledgers and decentralized wireless technology. Not only does this boost business productivity, but it also helps businesses retain clients.
- Protected – Blockchain infrastructure ensures that personal data is protected. All non-personal data stored in the blockchain is unable to be erased or replaced. The infrastructure essentially eliminates fraud, which is why many businesses are turning towards blockchain networks for better security.
- Paid network traffic – This is a benefit for both users and network providers. Network providers enjoy boosted traffic which means more profit, while users get to take advantage of a high-quality connection and a crypto bonus.
- Shared management – Blockchain networks are less prone to malware and tampering as a result of shared management. Single database networks are more susceptible to hacking due to only having one control hub.
The Limitless Potential of Blockchain Technology
The building blocks of blockchain network technology each play a valuable role in boosting user experiences of connectivity. It also has the capacity to transform the way we interact with our devices. Our devices send out massive amounts of data when used and require a network that can sustain and transmit influxes of data promptly. Large amounts of data can overwhelm a system that is not designed to handle the load and can ultimately lead to server issues. By eliminating the data transfer time, servers can continue to run smoothly without interference. Blockchain technology is a matrix of potential for businesses and users alike and sets the precedent for future connectivity.
BLiNQ Networks provides 4G/5G RAN equipment to help your business realize its full decentralized wireless (DeWi) potential based on blockchain network technology. Call us today at +1-800-301-4962 or fill out our online form to request more information about our products.