4G, 5G, and the Cryptocurrency in the UAE
Fourth-generation (4G) and fifth-generation (5G) refers to the mobile networks. There are five major differences between 4G and 5G mobile technology (Ahmad, 2015). The first is that 4G is currently in use while 5G is currently being researched and developed (Ahmad, 2015; Ram 2014). Secondly, the main focus of 4G is the availability of raw bandwidth while 5G aims to harmonize the radio spectrum and set the foundation for widespread connectivity and super fast access to users of the internet whether they are under a subway station or at the highest floor in a skyscrapper (Ahmad, 2015). Thirdly, 5G is being built to support a variety of applications (Ahmad, 2015). Fourthly, radio waves will be split into bands and each band will be reserved for different types of communication (Ram, 2014). Finally, the time lag between an action and a response will be reduced to below 1 millisecond. This will facilitate the use of robots to perform surgery.
The implementation of 5G is expected to bring an end to the stalling of apps, the “everlasting load sign,” and the faltering of videos. It is also expected to ensure the proper connection of smart cities for example Smart City in Dubai. In fact, Dubai is regarded as the “city of the future” (Futurism, 2017). Additionally, Smart Dubai Office is leveraging technology for boosting the happiness of the people of Dubai and in establishing Dubai as the happiest and smartest city on earth (Bin Bishr 2017; cited in PR Newswire, 2017). Although bitcoin
Blockchains are global distributed ledgers of transactions that facilitate the distribution of digital information (Tapscott and Tapscott). It can be programmed to record not just financial transactions but for anything of value (). Blockchain technology was originally devised for Bitcoin, which is the largest (Tapscott and Tapscott). Blockchains enable individuals to send money to each other directly without the use of intermediaries such as banks or PayPal and provides a platform to facilitate the distribution of structured recorded information (Tapscott and Tapscott).
EmCash:
After the successful venture of emWallets, Dubai government is using blockchain technology i.e emCash for digital currency transaction by maintaining anonymity. It provides peer to peer transaction facility without revealing the identity of the persons involved in the transaction. And definitely easy to transfer money without any delay. The best part of emCash is that it can be used for regular transactions like utility bills payments, school fees, and much more.
Even though emCash is successfully launched, the intention behind this is to build an economy on the blockchain technology. And this is definitely not easy as it involves the approval of individuals and authorities. Everyone is aware of bitcoin and how effectively it is running and even after having 900+ cryptocurrencies in the business, Bitcoin is still on top of the game all the time.
There are many differences between Bitcoin and Emcash. The cryptocurrency Bitcoin is used to trade or store value all over the world while Emcash is currently only used in Dubai (Futurism, 2017). Although bitcoin appears to be widely used, there are many disadvantages.
References:
Futurism (2017). Emcash is Dubai’s First Official Cryptocurrency. Retrieved from https://futurism.com/emcash-is-dubais-first-official-cryptocurrency/
PR Newswire (2017). Trescon Global rAnnounces Smart Dubai Office to Highlight Its Blockchain Achievements this October. Retrieved from https://finance.yahoo.com/news/trescon-global-announces-smart-dubai-124900177.html
emCash – Dubai’s first official Cryptocurrency. Retrieved from
https://www.mymoneysouq.com/financial-blog/emcash-dubai-first-official-cryptocurrency/
Ram, E. (2014). How Will 5G Network Change the World. Retrieved from www.bbc.com/news/technology-30224853
Tapscott, D and Tapscott, A. (). How the Technology Behind Bitcoin is Changing Money, Business and the World. New York, NY: Penguin
