UK Telecom Regulator Receives £700,000 Blockchain Grant for Managing Telephone Numbers
UK national telecoms regulator Ofcom has received £700,000 ($912,000) to discover blockchain options in UK landline phone management. The grant was issued by the Division of Company, Energy, and Industrial Method.
An Ofcom announcement states that amongst now and April 2020, market participants will be invited “to trial the porting and management of millions of telephone numbers using blockchain and ledger technology” in an initiative involving sector and university providers as properly as third-party providers.
Blockchain technologies will allow trusted transactions (AKA ‘consumer porting’ in this case) to “manage the lifecycle of a telephone number transforming data to assistance voice contact routing and ownership.” The blockchain will treat telephone numbers as digital assets to increase landline telephone number management.
Ofcom CEO Mansoor Hanif had this to say about the new project:
&ldquoWe will be operating with business to explore how blockchain could make it quicker and easier for landline clients to switch providers even though maintaining their quantity &ndash as properly as reducing nuisance calls. And we&rsquoll expand our analysis into other areas where innovative technologies such as blockchain could be applied to benefit buyers.&rdquo
The Use Case
There are 1 billion landline telephone numbers obtainable in the UK, including these in use and these reserved for future possible use. Groups of phone numbers will be issued in blocks on the blockchain to telecoms operators who will then port them (transfer them from one phone and/or customer to another).
Blockchain is anticipated to decrease the cost of regulation and organization overheads, improve industry agility, increase customer encounter when switching telecoms providers, and generating phone fraud management and prevention a lot more efficient.
The regulator will be building a database of phone numbers for which preceding attempts have failed due to the expense and difficulty of acquiring multiple competing parties to collaborate. The quantity database placed on the blockchain will allow for transparency among customers and telecoms providers.
The telecommunications industry is really a single of the bigger markets which could see main disruption from blockchain innovation in the coming years. Mobile network operators (MNOs) endure from key inefficiencies in billing, payment, and subscription systems which could be entirely overhauled and streamlined with blockchain technologies. UK-primarily based projects like Diadem are launching a new sort of mobile network utilizing intelligent contracts to tackle these inefficiencies and revamp the market, whereas existing MNOs like Korea’s KT Corp are integrating blockchain into their existing systems.
A report from MNO trade body GSMA indicates that MNOs will invest $.five trillion in mobile capital expenditure in between 2018 and 2020, priming the telecoms sector for wide-scale blockchain adoption if early efforts are productive.
Featured image from Shutterstock.
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Published at Wed, 10 Oct 2018 07:57:21 +0000