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Ofcom Receives Grant From ‘BEIS’ To Explore Blockchain For Telecom Sector.

In line a recent official announcement published, the grant for around $916,00 USD has been accepted supposedly to facilitate the U.K. telecoms regulator ‘Ofcom’ to examine how blockchain could improve the management of land-line phone numbers.

Established back in the year 2016, the BEIS Govt. department supported by forty six agencies and public bodies and chargeable for business, industrial strategy, science, innovation, and energy along with the climate change policy.

According to the announcement, Ofcom is looking to involve business participants to check the movement and management of millions of phone numbers employing the blockchain technologywhile the agency itself would coordinate the work.

Adding further the statement reads:

“We issue blocks of those numbers to telecoms operators, who manage the numbers and movement (porting) of them into and out of their management.”

As per the the regulators, previous attempts to create a centralized information base went unsuccessful due to cooperative barriers and high prices — the two major things that blockchain technology could supposedly surpass.

Ofcom notes the potential of blockchain, citing regulative and business prices reduction, more practical management of nuisance calls and fraud, and “increased industry agility” as its major benefits.

Ofcom Chief Technology Officer,’Mansoor Hanif’ aforementioned that:

“We would be working within the industry to explore how blockchain could be employed to create faster and easier network switching while allowing the landline users keeping their number — moreover reducing nuisance calls. And we’ll expand our analysis into alternative areas where innovative technologies like [how] blockchain can be applied to benefit customers.”

Telephone corporations in other countries also have been additionally considering blockchain technology to manage their networks. Earlier in July, China’s 3 major telecoms operators launched a blockchain analysis cluster aimed toward building “a trustworthy blockchain application team to explore the blockchain space.”

Even earlier in July, South Korea’s largest telecom company ‘KT Corporation’ launched its blockchain-powered commercial network. The firm designed a blockchain layer on prime of its existing nationwide network so as to create it more secure and transparent, moreover so as to manage information more efficiently.

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