In the latest crypto news centered around regulation, the UK is sponsoring new research into organizing and managing phone numbers. After officially handing the grant to the UK telecom provider Ofcom, the national telecommunications authority awarded nearly £700,000 (just under $915,000) to the telecom provider in order to improve its UK telephone number management.
Ofcom, on the other hand, provided more details about the project on Monday in an official press release, stating that there are roughly 1 billion phone numbers available right now in the UK – either already in use or reserved for allocation.
The press release explained:
“We issue blocks of these numbers to telecoms operators, who manage the numbers and movement (porting) of them into and out of their control.”
As the country moves from traditional analog phone lines to Internet infrastructure, the current system may also face some challenges. This way, blockchain could improve them to lower costs, make the porting more efficient and streamline the fraud or “nuisance” call management while providing customers with a better experience.
As the chief technology of Ofcom, Mansoor Hanif, recently stated:
“We will be working with industry to explore how blockchain could make it quicker and easier for landline customers to switch providers while keeping their number – as well as reducing nuisance calls. And we’ll expand our research into other areas where innovative technologies such as blockchain could be applied to benefit consumers.”
The release also explained that despite the failure of past attempts, there are many potential improvements in the development of a new database. With this, Ofcom is ready to put up “barriers to collaboration” and “offer an opportunity to build a cost-effective and future-proof solution.”
Ripple And MoneyGram Join Forces: $50M Investment On The Way
“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”As the website shows, MoneyGram is the second largest payments firm in the world. The coming altcoin news and its partnership with Ripple will also help the blockchain firm to gain presence in more than 200 countries (where MoneyGram actively operates). Much of the company's business lies in the remittances market, which value is estimated at around $600 billion. The CEO of Ripple, Brad Garlinghouse, also shared his excitement about the new Ripple and MoneyGram partnership, stating:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies."Payment processing and sending money globally through the blockchain are definitely something that can be improved with this new partnership. By joining Ripple's growing and global network, financial institutions can process their customers' payments anywhere in the world instantly, reliably as well as cost-effectively.
Europol Aims To Improve Blockchain And Crypto Knowledge
“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
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