17th of June, 2020
The future is here, tomorrow has arrived!
In the blink of an eye the rollout of the super fast 5G Network will bring the much talked about Internet-of-Things (IoT) to life.
A new technological revolution is upon us and will change our lives forever.
Now I’m not here to debate the pros or cons of this new technology, I’ll leave that to the likes of celebrity chef Peter Evans, but what I am here to do is help spark your imagination as to how things might be about to dramatically change. To alert you to the upcoming opportunities to ensure they do not creep up on you without warning.
What the hell is this 5G anyway
So let’s start at square one – what the hell is this 5G anyway and why will it forever change your life?
5G stands for the fifth generation of wireless networking technology.
See it all started with the 1st Generation wireless communication. Think of the 1980’s yuppy with their Car Phone. Or Gordon Gecko’s Motorola DynaTAC “mobile” phone which offered a ground-breaking 30mins of talk time and stored 30 phone numbers for your convenience.
This new analogue wireless communication technology started humanity down a path which no-one could have conceived where we would end up.
But humans always want more for less. We demanded progress which brought about 2G, the second generation of wireless communication where we moved to the first of the digital based networks.
This advancement brought about significant technological evolution. Now you could buy a phone that could fit in your pocket rather than having to carry it round in a wheelbarrow. It also enabled owners to engage in countless hours of the mind numbingly stimulation of the game “Snake”…
But soon we got bored with Snake and pleaded for more stimulation, which allowed us to be introduced to the 3G network.
This revolutionary development brought the internet to our phones; think Blackberries here, they changed the world forever. Blackberries dominance was only a flash in the pan as Apple quickly introduced the concept of “Apps” on a phone which drove the demand for internet bandwidth through the roof.
It was this insatiable demand for mobile internet that brought about the development of the 4G network, the one we have today. When you think back, this massive increase in the availability of data has brought about unbelievable innovation.
The rollout of the 4G network brought about the evolution, though some might say, the revolution of the disruptors.
It was the mass access to mobile data that enabled the development of the new business models of ride-sharing services, meal delivery and gave us the ability to find our way via car, tram or foot through any city in the world thanks to Google Maps.
Without the architecture and infrastructure of the 4G network such business models would never have been possible. The volume of data required would have never been possible in the 3G world.
It is the 4G network that has sustained us during the lockdown providing us with the ability not only to attend all those online Meetings and the mass rollout of Telehealth appointments but also entertained us for the 1,000’s of hours we spent binging on movie streaming services.
4G however just isn’t enough for our insatiable demand for technological improvement. Now we are wanting even more bandwidth and demanding it be superfast.
This is exactly what 5G will provide us. Massive increases in data speeds that will allow us to download movies in seconds – just think of the productivity gains that will bring to every 15 year old……
OK I’m being facetious because 5G is going to change your life more than you can ever imagine.
The technological and productivity advancements coming our way will dwarf the Tech Boom.
5G is the network which will supply the architectural structure of how our future lives will be lived. This new infrastructure will inspire development and creativity just like highways of the past did.
The IoT will be applied liberally to social structure. It will create ‘Smart Cities’ which will significantly improve efficiencies. Massive amounts of data will be collected by sprawling networks of this ever increasing IoT ecosystem.
It is a lot more than just “Things” collecting information, the real power will be what these “Things” do with this information and the decisions and actions they take without telling humans what they are doing.
See this IoT will embrace the Nike slogan of “Just Do It”.
Connections and communications will be everywhere made possible by this new ultra-high-speed wireless internet.
Billions and billions of devices will be connected. From home security systems to wireless inventory trackers. Autonomous farming equipment to logistics tracking. Wearable health monitors to Smart factory equipment.
The technology to build a palace
We are on the precipice of amazing innovation and change, but we don’t actually know what this change will be or what it will bring about.
But we can guess?
We can draw on current technologies to advance future technologies to support drones and driverless cars, but can we actually know the precise future, the where and how this will all end up.
Steven Johnson, an American popular science author and media theorist speaks of the concept of the Adjacent Possible which is best described by his description below.
“Think of it as a house that magically expands with each door you open. You begin in a room with four doors, each leading to a new room that you haven’t visited yet. Those four rooms are the adjacent possible. But once you open one of those doors and stroll into that room, three new doors appear, each leading to a brand-new room that you couldn’t have reached from your original starting point. Keep opening new doors and eventually you’ll have built a palace.”
I think this is a fantastic analogy that fits into the concept of the cycle – Same, Same, but Different.
What we do know is that 5G is an innovative new technology that will open many more than the original 4 doors Steven describes.
This technology has the architecture to take and deliver advancements that we currently can’t possibly conceive.
Some will miss out.
However, amongst all this terrific news, there will be some losers, big losers. This technology is going to divide the world between the haves and have nots. Like literacy and electricity have done in times gone by now there are those who will have access to information and simply those who don’t.
If you are not connected, you won’t be informed. The divide we are creating is not something we typically think about as we unpack our new smart phones. But by demanding continual advancements it’s exactly what we will create.
Many may say, “I’m not interested in this new technology” but as Covid-19 showed us, those who still live in a society that transacts in cash and not via a touchless payment system, were very quickly left in a vulnerable position.
The Australian Banking Association (ABA) reported in April this year that there were more than 500,000 customers who actively used a passbook account or transaction account with no linked debit card. These customers pay for their goods and services using cash or EFTPOS cards that don’t have debit capabilities and as such are unable to shop online or over the phone.
Society and technology will force these customers to acquire debit cards just like we were all forced to engage with ATMs during the 1980’s regardless of our acceptance or stubbornness.
Soon you will not be able to buy a fridge, a jumper or a coffee machine that doesn’t connect to the IoT. The temperature and security of your house will be monitored by the IoT as will your health.
Those who embrace it will be swept along into a technologically advanced society.
Those who don’t have access to 5G will just be excluded and those luddites who refuse to advance and those who can’t keep up, will sadly be banished to a lower standard of living.
We have continually purported that our economic future is exceptionally bright. That technology will continue to revolutionise society, our productivity and the way we live.
Technology is one of our key 5 Drivers and the revolution is starting.
The IoT is upon us regardless whether we are ready or wanting it. It will impact on us in many ways that it is impossible to imagine.
But one thing we know for sure, is that it WILL manifest back into land prices and investment opportunities will be as abundant as the new 5G towers.