British Telecom Regulator Receives £700,000 To Create Blockchain Network
Ofcom, a British state regulator for the broadcasting and telecommunications sphere, received £700,000 ($912,000) for the blockchain study for telephone management in the state, as reported on the authority’s official website.
The Department of Business, Energy, and Industrial Strategy provided the national regulator with funds to create a blockchain project for communications providers.
Ofcom representatives suggest communications providers who are interested in this innovation to take part in testing of the new system until spring 2020. By means of this system, providers will be able to connect and manage a huge number of subscriber numbers via distributed ledger technology.
Blockchain will allow servicing phone numbers as crypto assets, while improving the management of the phone network. Mansoor Hanif, CTO of Ofcom, expects that blockchain will help the communications industry to make the process of changing the communications provider easier and faster for users of fixed-line phones. Telephone numbers will be available on blockchain to telecom operators in the form of digital blocks, after which providers will be able to connect and communicate them among themselves.
The use of blockchain in communications will reduce the cost of service providers, ease the process of switching a user between operators, and strengthen the system of protection against telephone fraud.
As previously reported, the British Chancellor of the Exchequer considers blockchain technology useful in addressing the issue of trade on the Irish border.