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Verizon recently announced that it has successfully completed the lab test of its latest technology which could potentially offer Internet connection speeds of up to 10 gigabits-per-second (Gbps), that is ten times faster than Google Fiber and other ultra-fast Internet connection.

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Currently, the Verizon FiOS Internet service offers 75 Megabits-per-second (Mbps) and can download a typical two hour high definition movie in about 17 minutes. On the other hand, the 10Gbps connection can transfer the same movie in just 8 seconds, according to Computer World.

Verizon is aiming to be the first network to offer streaming support of online videos of up to 4K resolution. The new technology is called next-generation passive optical network or NGPON2 and Verizon said that is has successfully tested it on its own fiber-to-premise network.

Verizon vice president of network technology Lee Hicks told Tech Radar, "Deploying this exciting new technology sets a new standard for the broadband industry and further validates our strategic choice of fiber-to-the-premises."

In order to achieve the ultra-fast 10Gbps transfer speed, the new technology uses an optical line terminal that creates four color wavelengths. Each wavelength can support 10Gbps download speed and 2.5Gbps upload speed.

Verizon said that the company needs to upgrade its current network infrastructure, both hardware and software, before the ultra-fast Internet connection could be rolled out to consumers across the country. The company is also planning to accept proposals from third-party manufacturers and developers that could help it lay the foundation needed for the new technology to be made available for a wider consumer base.