The U.K. Office of Communications (Ofcom) has received a grant of £700,000 ($916,00) from BEIS to research on blockchain technology. The research will be to find effective ways to manage telecom industry using Blockchain technology.

Ofcom is looking out for the use of blockchain in managing the movement of the large number of telephone numbers. The team will gather these numbers as blocks which will be then provided to telecom operators. The operators will manage the input and output of the blocks. This will result in a time-effective and low cost management of the project.

Further noting, Ofcom has also explained that the company had previously attempted to form a centralised database. But they resulted as negative due to high maintenance cost and collaborative barriers. Hence, the team is hopeful that implementation of the Blockchain Technology can resolve those issues effectively.

Mansoor Hanif, the CTO of Ofcom, has also expressed his happiness over the same. He stated that the technology can help customers to change their service providers without changing their number. This will definitely help the customers to switch to a new service provider without any hassle.

Another main reason for using Blockchain Technology is that it can effectively reduce fraudulent calls. As the technology can able to embark such things, Ofcom is looking forward to make the best out of this opportunity.