In simplest terms, O-RAN stands for Open Radio Access Networks– a term used to denote new industry-wide standards that promote usage of hardware and software components from multiple vendors for building a mobile network instead of sticking to just one vendor. This alternate radio access network solution architecture hinges upon creating open and virtualized network interfaces over which equipment from different vendors could work together. This gives more flexibility to build their own network solution at a lower cost, while also promoting innovation and competition among vendors.