Oct 8, 2018, The United Kingdom (U.K.) Office of Communications (Ofcom) announced on its website, the regulator has secured a grant of $916,00 from the Department of Business, Energy and Industrial Strategy (BEIS) to understand the prospective opportunities of blockchain technology.
The Department for Business, Energy and Industrial Strategy (BEIS)is a government department, which was established by Theresa May on 14 July 2016 subsequently after her appointment as Prime Minister,created as a result of a merger between the Department of Energy and Climate Change and Department for Business, Innovation, and Skills.
BEIS is supported by 46 agencies and public bodies, and responsible for business, industrial strategy, science, innovation, and energy and climate change policy and merging the functions of the former BIS and DECC
Reportedly, to improve the management of landline telephone numbers by leveraging blockchain, the Govt. body has donated the good sum to the U.K. telecoms regulator.
According to Ofcom, the blockchain technology will professedly be resilient and outweigh the difficulties that came underway due to the earlier unproductive and failed attempts to channelize the centralized database because of high cost and mutual conflicts.
Based on the company’s announcement, Ofcom along with contributing in the pilot task is also hoping to include industry contributors to analyze and evaluate the maneuver and administration of “millions” of telephone numbers by deploying blockchain technology.
The agency stated: “We issue blocks of these numbers to telecoms operators, who manage the numbers and movement (porting) of them into and out of their control.”
Ofcom Chief Technology Officer, Mansoor Hanif, claimed: “We will be working with industry to explore how blockchain could make it quicker and easier for landline customers to switch providers while keeping their number — as well as reducing nuisance calls. And we’ll expand our research into other areas where innovative technologies such as [how] blockchain could be applied to benefit consumers.”
Ofcom observing the huge potential of blockchain in telecom industry while mentioning regulatory and business costs saving benefits, more effective command over nuisance calls and fraud with increased industry agility as its main benefits is very much tuned and positive for the future hurdles.
According to the publication, “approximately one billion landline telephone numbers are available in the UK, either already in use or reserved for allocation. The regulator issue blocks of these numbers to telecoms operators, who manage the numbers and movement (porting) of them into and out of their control.”
Hence, with this effort, the existing systems used for this process will be a perplexing task for the workforce because telecommunication networks will move from traditional analog telephone lines to an all-IP (internet protocol) infrastructure.
But at the same time the technology and knowledge gained from this project will be one of the key long-term benefits for all the organisations that are involved, including Ofcom along with the communications businesses taking part in the project and while using the code it will aid them to learn and develop new skills, leading to further innovation and wider uses of the technology.
Blockchain technology with its undeniable benefits is getting the acceptance worldwide by the progressive countries one of them is China and South Korea. Former has launched the blockchain group with the combined interest of three major telecoms operators in the country to discover the various opportunities by the transitional technology and the subsequent one has announced the launch of KT corporation- blockchain-powered commercial network for more resourceful data management system with secure, and transparent nationwide network.