5G technology will provide incredible wireless transmission speeds of over 1 gigabit per second with complete wireless communication capabilities. It uses new network architectures and advanced technologies like ultra-wide band networks, smart antennas, and software defined radios. 5G offers advantages like greater bandwidth, unified connectivity across different networks, vertical and horizontal handovers between networks, and dynamic access to information from variable devices. However, challenges remain in fully implementing and standardizing 5G technology globally.