Consumers are ready to embrace 5G technology, especially considering that it will give them communication speeds of ten to a hundred times faster than the current internet connections. Modern Readers pointed out that theoretically, your favorite TV show can be downloaded in less than 5 seconds.

To embrace the coming of new technology, AT&T and Verizon decided to go ahead and step in front of the curve as they collaborate on how to standardize the specifications of 5G technology.

According to Tech Times, Verizon started exploring 5G last year, while AT&T is planning on developing the same tech later this year, working closely with Ericsson and Intel. Arun Bansal, senior vice president of Ericsson said, "5G will impact the entire mobile network - from devices to access and core to cloud -- and open up exciting new IoT applications for consumers and industry."

He also added, "Ericsson is enabling AT&T to move beyond 5G lab tests to gain a greater understanding of 5G's potential in their own network environments and markets."

Verizon, on the other hand, announced last September that it is in contact with other firms as well, including Alcatel-Lucent, Cisco, Ericsson, Nokia, Qualcomm, and Samsung. Back then, Verizon said its 5G connectivity will be fast enough to download a Hollywood blockbuster.

Verizon executive vice president Roger Gurnani said in a statement, "5G is no longer a dream of the distant future. We feel a tremendous sense of urgency to push forward on 5G and mobilize the ecosystem by collaborating with industry leaders and developers to usher in a new generation of innovate on."

So what makes 5G better than the current 4G technology? Tech Times noted that it has Multiple Input Multiple Output (MIMO) technology that ensures the efficient flow of data. The MIMO is then combined with carrier aggregation that ensures the data can stream down on the endpoints via servers and mobile devices.

This then gives low latency (the time it takes between a query and the response time) connections that give an average speed of 50 times faster than the current 4G technology.

The 5G technology can then deliver the power for virtual reality experiences, self-driving cars robotics, and more.

John Donovan, chief strategy officer and group president of AT&T operations said, "These technologies will be immersive, pervasive and responsive to customers explained, "5G will help make them a reality. 5G will reach its full potential because we will build it on a software-centric architecture that can adapt quickly to new demands and give customers more control of their network services."