United Kingdom's Ofcom Secures $1 Million to Use Blockchain for Storing Phone Numbers

By On October 09, 2018

United Kingdom's Ofcom Secures $1 Million to Use Blockchain for Storing Phone Numbers

United Kingdom's Ofcom Secures $1 Million to Use Blockchain for Storing Phone Numbers

UK Telecom Regulator Gets Almost $1 Million USD To Store Phone Number On The Blockchain

Ofcom, a telecom and broadcasting operator working within the United Kingdom, has recently received the sum of $915 thousand USD as an incentive to explore the blockchain technology as a potential solution to the troubles that the UK is currently facing on the issues of managing telephone numbers for cellphones. This story was originally reported by The Next Web’s Hard Fork.

Accordin g to the report, the money of the investment came from the Department of Business, Energy and Industrial Strategy of the United Kingdom’s government. This money will be used in the development of the technologies that will help Ofcom to create a landline of telephone numbers, as we have reported yesterday.

The official announcement of Ofcom has stated that the company will be inviting important participants of the industry to trial the new system before setting it up. This first phase will be done in the next six months. After that, the company believes that it will need to coordinate the work with the whole industry and involved third parties.

The main issue as of now is that there are a lot of phone numbers reserved for use in the United Kingdom, a number that passes one billion. As the phone line system is becoming quickly outdated it will be a very complicated job for the company that will consume an immense quantity of time from the team.

Blockchain Will Be More Cost-Effective

The main reason for using a distributed ledger technology in order to store and organize this information is that it will be considerably more cost-effective, Ofcom defends. The company has the goal of addressing the failures of the current system and creating something that can be used for years in the future without repeating the mistakes of today.

This is only the first step in a long road of development, though, and it looks like Ofcom simply does not have a lot more to show off right now than to actually use buzzwords like cost-effectiveness, future-proof solutions and decentralization. We’ll have to wait and see just how effective this new system will be.

Ofcom’s system will be fully tested before its public deployment and, fortunately, it will follow the blockchain tradition of being open source, which means that the whole world will be able to design similar systems after the technology is tested and approved . It just looks like it may take some years for this to happen, though.

Source: Google News United Kingdom | Netizen 24 United Kingdom

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