This New Year is very crucial for many reasons. It is not only the beginning of a new year but also a new decade. The year 2020 proved to be one of the toughest years in human history as mankind faced serious economic, security and health crisis. The covid-19 threatened whole humanity on the one hand while on the other hand, it increased the usage and dependence on technology. 

In these times all eyes are on the new 5G technology which will make online activity up to twenty times faster than they are today.

Economy

Faster internet will bring changes in every aspect of human life from communication to health and from mobility to financial services and politics. According to some estimates the impact of the technology on the economy will be huge, it will create $12 trillion worth of goods and services, 22 million jobs and $3.5 trillion revenue by 2035. 

With these opportunities, it also brings challenges to the people as they have to adopt new digital skills in order to cope up with the pace of 5G in order to get economic benefits. With primitive education system of the developing countries, it will be a great challenge to get the desired outcome.

Politics

Along with other essential sectors, world politics will also revolutionize with 5G. States will have to form new rules and regulations to prevent the harms causing due to miss-use of new technology. We have already witnessed many violations of digital rights on a national and international level in many countries. Countries carry out cyber-attacks on rival countries to get sensitive data, last decade in the US general election Russia was blamed to have played a key role in Donald Trump’s win. 

Domestically, many developed and developing countries like The UK, the US and China use technology for the purpose of surveillance of its citizens to control street crimes but with 5G many countries fear that the privacy of all users will be at risk as China will have the data of users all around the world.

Other Key Sectors

With economy and politics, sectors like transportation, healthcare, manufacturing, media, energy etc. will also be developed. Companies are now developing self-driven cars, auto-pilot planes and exploring possibilities of life in outer space. With the introduction of new technology and techniques in the health sector, it will be much easier for medics to identify and diagnose diseases efficiently. 

Media and communication will be much faster than ever and the manufacturing industry will boom as the world is now moving from the human workforce to robots which are more efficient and more reliable. Buying goods will be easier than ever as people will be able to buy or sell products from anywhere to anywhere in the world. Countries are planning to build smart cities with the help of fast internet.

The Way Forward 

The development of technology will make a lot of things easier for the human being at the same time it creates new challenges. We need a better understanding of new technology to deal with those challenges and the best way is to create awareness in the society especially in the young generation the pros and cons of faster internet through traditional and non-traditional education methods. 

We need new policies that encompass the aspect of technology on the state level and these policies must be updated with time and technology. Parents must regulate the screen time for their kids to save them from destroying mental and physical health.