Ofcom's Blockchain Exploration Grant from BEIS As of October 8, 2018, The Department of Business, Energy and Industrial Strategy gave Ofcom a grant of £700,000 to use for blockchain technology exploration. The money will supposedly help Ofcom investigate ways in which blockchain technology improves phone number management. BEIS Overview The BEIS is a ministerial department founded in July 14, 2016 that is supported by 46 organizations in charge of business, climate change and energy policy, industrial strategy, innovation, and science. Ofcom's Blockchain Exploration Efforts Ofcom is in search of telecom companies to manage blocks of phone numbers and move them into and out of their control with blockchain technology, while the Office of Communications coordinates the undertaking. Earlier efforts to launch a CDB have failed as a result of barriers to collaboration and high expenses, which are two things blockchain technology will purposely prevent. Advantages of Blockchain Technology Ofcom's Chief Technology Officer, Mansoor Hanif, mentions the benefits of blockchain technology: reduced regulatory and business expenses, ending of unwanted calls and fraud, and greater industry agility. Additionally, Ofcom will find ways to make switching providers faster and simpler for landline customers as they stay with their number. Adoption of Blockchain Technology by Foreign Telecommunications Operators Also, foreign telephone service providers have been thinking about using blockchain technology as a network management tool. In July of 2018, the three biggest Chinese telecommunications companies (i.e. China Mobile, China Telecom, and China Unicom) set up a blockchain exploration team. In July of 2018, the major South Korean phone company, KT Corp., introduced its commercial network using blockchain technology. The firm created a layer of blockchain technology in addition to its current nationwide network for the purpose of increasing its security, transparency, and data management efficiency.
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