UK Telecom Regulator To Study The Blockchain
October 9, 2018 3:19 pm
U.K.’s Regulators’ Pioneer Fund has announced that it is going to sponsor nearly £700,000 on its new project. The new project is aimed at blockchain technology to improve U.K.’s telephone number management. The agency has sponsored by Ofcom, the national telecommunications regulatory authority for its new project.
On Monday, Ofcom published a press release and provided further information about the new project. Ofcom announced that there are more than one billion phone numbers available to U.K. residents. These numbers are already reserved for allocation.
The telecommunication company announced:
“We issue blocks of these numbers to telecoms operators, who manage the numbers and movement (porting) of them into and out of their control.”
U.K. has planned to move from traditional analog phone lines to an Internet-based infrastructure. The move aims to use the blockchain technology to decrease costs, make porting more effective, streamline fraud and provide customers with a better experience.
Mansoor Hanif, chief technology officer, Ofcom said that the regulator would work with industry members. He also shared his experience working with the project.
Mr. Hanif stated that his team would be working the industry to explore the blockchain. This includes how blockchain could make thing fast and easy for their landline customers. The team has been working to develop a new database to make the system efficient.