Verizon and Nokia are working on private 5G networks, aimed at replacing WiFi networks for businesses.

There are a number of advantages to 5G over traditional networks. The fastest variety of 5G, mmWave, offers speeds measured in gigabits. In addition, latency is often measured in single digits, or very low double digits. Verizon is also touting the security benefits, as a private 5G network eliminates the need to transmit data through public networks.

“Today, we’ve announced the next phase of Verizon’s global 5G vision with the launch of private 5G for our international customers,” said Tami Erwin, CEO, Verizon Business. “If the past few months have taught us anything, it’s that there’s never been a more critical time for mobility, broadband and cloud products and services. Private 5G networks will be a transformative technology that will drive the new era of disruption and innovation for enterprises around the world.”

The joint effort will initially target enterprises in Europe and Asia-Pacific, although it wouldn’t be surprising if it expands to the US once 5G gains more ground. The two companies clearly see 5G as a transformational technology, with implications far beyond the basic cellphone.

“Private wireless connectivity has become central to many industries in realizing their long-term digital transformation goals. By delivering private 5G together with Verizon, we’re paving the way to accelerate digitalization for the most demanding industries who crave reliable wireless connectivity,” said Brian R. Fitzgerald, SVP Global Solutions at Nokia.