QR code-based payment systems such as WeChat could eventually be replaced with 5G technology working in synergy with a Blockchain database.
Easier than turning a car key, Blockchain could provide transactional security between 5G nodes and “dumb” 5G POS nodes in tight geographic proximity, secured by one-time use codes and two key encryption, transparently and on demand. Instead of a QR scanner, the merchant would have a device borne public key so he/she could accept payment, with the customer sharing a highly secure one-time use private key and a dollar amount with the merchant transfer.
The processing power for the initial communication and Blockchain exchange would sit near the POS system residing at the network edge. The verified transaction could then be transferred with low latency to financial institutions denominated in domestic currency.
When people think about 5G they may think of faster cell phone speed. When people think of Blockchain they may think about Bitcoin or another cryptocurrency. It’s hard to imagine an automobile when you live in an age of horses and carts.
The potential of these two technologies resides outside accepted understanding and perceptions. Use case rich 5G has many “killer applications” that can easily be envisioned in the future. There are many inefficient systems such as the exchange of QR codes that can be replaced with transparent and fully secure solutions using zero latency 5G.