5G has the potential to impact nearly every sector of the economy and usher in the Fourth Industrial Revolution.
Building an infrastructure to support 5G and updating business practices relying on internet connectivity doesn't happen overnight. Verizon has been building the infrastructure for years, making investments in fiber, millimeter wave spectrum, real estate and beyond. Plus, Verizon has worked with hardware and chip manufacturers to create standards for 5G.
Key to evaluating whether a 5G network can deliver its full potential are a number of performance attributes—referred to as the eight “currencies” by Verizon’s Chairman and CEO, Hans Vestberg, at the 2019 Consumer Electronics Show (CES) in January. These currencies relate to throughput, service deployment, mobility, connected devices, energy efficiency, data volume, latency and reliability, with 5G aiming to provide significant improvements in each attribute over existing mobile networks.
While businesses look to capitalize on certain aspects of 5G, whether it’s faster internet speeds or ultra-low latency, forward-thinking entrepreneurs need to understand how to align their vision with the specific opportunities 5G presents.
So what do entrepreneurs need to consider as they look to further the development of these enhanced capabilities? Here are three of the eight currencies that entrepreneurs can consider to help further their 5G goals: Mobility, Reliabilityand Service Deployment.
5G technology is designed to enable devices that are traveling up to 500 km/hour to stay connected to the network. This provides opportunities for entrepreneurs in an array of areas. Specifically, autonomous car innovations using cellular vehicle-to-everything (C-V2X) technologies and edge applications, such as computer vision, are among the areas to consider exploiting. C-V2X, which serves as a foundation for vehicles to communicate with other vehicles as well as everything around them, will be a key beneficiary of this enhanced mobility.
While C-V2X is in its infancy, there is a lot of potential for entrepreneurs with a mobility focus to build upon their visions and bring the industry closer to widespread adoption of a C-V2X ecosystem.
Verizon is bringing its significant experience, expertise and attention to detail that it used to build its 4G LTE network to build out its 5G network. This focus on reliability is intended to allow businesses to count on this technology at critical moments. Whether it is enabling first responders to answer the call in harmful situations or empowering smart grids of the future, a reliable 5G network will be key.
Improvements in service deployment are imperative for upcoming business needs; we need to focus on how our service can match a software application with a specific customer need. Reduced service deployment times can create dedicated network services and roll out new features quickly. Only then will we enable businesses to address the dynamic needs of their customers.
Some key enabling technologies include network function virtualization, network slicing, and management and orchestration. For example, Lumina Networks, an open source SDN leader, is a Verizon Ventures portfolio company that enables a more agile network, building on our existing service deployment infrastructure. Our team continues to look for innovative technologies to achieve automation and closed loop service assurance.
How it all comes together
Entrepreneurs who find ways to leverage Verizon’s 5G assets and the latest industry standards will have an edge in developing innovationsandtaking products to market as part of our 5G ecosystem. Verizon Ventures looks for disruptive solutions that will enable each of the eight currencies in the most efficient way. For startups, it is the opportunity to be part of building the best 5G network.