Verizon and Nokia want to be at the forefront of 5G development

Verizon Communications Inc. (NYSE: VZ) has signed an agreement with ABP (Associated British Ports) to offer private 5G services in the Port of Southampton. The company offers this innovative wireless network in partnership with Nokia (NYSE: NOK). The port of Southampton is the busiest port in the UK, exporting goods worth £ 40 billion a year. It is the critical supply chain that supports manufacturers and businesses across the country. The Port of Southampton (POS) also handles millions of passengers each year and supports 900,000 cars. Following the agreement with Verizon, POS will be the first port in the UK to have access to the latest 5G technology. Tami Erwin, CEO of Verizon Business, said Verizon's private 5G is laying the groundwork for edge computing infrastructure. The use of 5G with low latency enables deep customization and a higher level of security for its partners. ABP and other ports are under great pressure to deliver their services at higher speeds to take advantage of the evolving business opportunity. Tami said Verizon can meet ABP's needs in an alliance with Nokia to provide all the benefits of the new technology along with real-time analytics. Verizon provides a secure and reliable private 5G cellular network in select locations within ABP's West and East Docks. It enables a consolidated data network for secure and reliable communication and reduces the previous complexity. The use of the 5G wireless network solves various problems such as loss of data communication on site due to poor wireless connectivity. The new 5G offers reliable, ultra-low latency and high throughput for IoT (Internet of Things), real-time analytics and ML (machine learning). It drives advances in services such as autonomous driverless vehicles, asset tracking, security monitoring and predictive maintenance. ABP CEO Henrik L. Pedersen said resilient and flexible technology is critical to meeting customer needs. It is a milestone for POS to offer a private 5G network to customers in the UK. Brian Fitzgerald, SVP (Verizon Business Group) at Nokia, said that 5G services will be fully used around the world if industries adopt them soon. Nokia is committed to helping Verizon grow 5G's presence for partners like ABP.