Competition Lowers Internet Costs, But Blockchain Will Drive It Down Further

According to a new study by BroadbandNow, Americans with more than one option for an internet provider pay less. However, they will likely be paying even less in the future with 5G and blockchain innovation. 

As you might expect, competition among internet providers lowers prices for consumers. A recent study finds that Americans with just one available internet provider pay significantly more than those with more options.

Price Breakdowns

Here’s the breakdown of the average prices, as found by BroadbandNow.

  • For Americans with one internet provider, the average cost is $68.38 per month. 
  • For two internet providers: $59.14
  • For three internet providers: $58.83
  • For four internet providers: $56.27
  • For five internet providers: $46.59

More options mean fewer costs for consumers. With new internet options like 5G, wireless, and satellite, Americans will likely see a drastic decline in the price of their internet in the near future. 

Blockchain to Lower Costs

Although options for internet connectivity are growing, blockchain technology may provide consumers with less internet-related expenses in the future.

For example, many blockchain-based projects are working towards sharing bandwidth, thereby allowing consumers to sell their remaining network usage.

The internet-of-things also aims to make online connectivity more accessible, possibly bringing down internet pricing as well. Overall, the monopolization of the internet by ISPs will only be broken by new, emerging technologies. Blockchain is leading the charge on this front, as is 5G and new low-orbiting satellites providing internet access. 

Much of this, of course, relies on ‘cutting the cord.’ We need wireless options so consumers are not stuck with one internet provider. Although still years away, blockchain technology coupled with 5G has the potential to drastically lower the cost of internet for American consumers. 

Do you believe blockchain technology can increase competition and lower the cost of internet access? Let us know your thoughts in the comments below. 

Images courtesy of Shutterstock.

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