Communications Regulator FCC Considering Blockchain In Wireless Spectrum Management Shake-Up
Communications regulator in the United States of America, the Federal Communications Commission (FCC) on May 6, 2019, said that it is eyeing blockchain technology for wireless network licensing, Information Technology and Fintech.
The commission is optimistic that the latest move will not only simplify the whole process but will also help the nation to save costs.
Harnessing Blockchain Technology
Blockchain technology, the solid foundation behind bitcoin and altcoins, is becoming quite ubiquitous in many sectors of the economy, because of its versatility and the ability to ensure accountability and transparency.
In a speech at last week’s MIT Business of Blockchain conference, she said that the distributed ledger technology (DLT) could help simplify and reduce the cost involved in dealing with the so-called wireless spectrum organization.
Rosenworcel also stated that the FCC is in charge of saying which companies can use which frequencies and that they are also in charge of awarding rights, which is done via a herculean auction process that that needs to be changed.
In her words:
“There are a lot of software involved and verifying financial and technical data. We take in bids, and manage those bids and issue licenses.’’
The main responsibility of the FCC over the years has been to upend the current status quo, championing options such as the sharing of frequency among the clients to finally put a stop to available capacity lying dormant.
Perfect Market In-Sight
The introduction of blockchain technology will also help the commission to have a clear insight about the market situation.
“We have this registry from all these licenses, but on a day to day basis we don’t actually know with great clarity what’s being used and what’s not being used. So, if you put this on a public blockchain, you’d have this record of where demand is for what airwaves.’’
Currently, spectrums are auctioned off one at a time in a process that is slow, complex to manage and expensive.
They are also in short supply, with one option being to share them, with the FCC managing the rights to use different bands at different levels of priority.
One idea touted in recent years is to build a highly robust system that would issue permissions dynamically using artificial intelligence.
If this can be achieved, said Rosenworcel, it would bring in new efficiencies and move the system from one that can manage relative abundance.
In related news, as reported by Bitcoin Exchange Guide recently, South Korea’s Liberty Korea Party (LKP) has announced plans to integrate DLT into four areas of their operations.
Specifically, the LKP which comprises of about 3 million members is embracing blockchain technology to make their processes more transparent, while also making it possible for members of the party to participate in governance uniquely.
The party intends to use technology in four different areas. One is in the recording of election results, record indicators of members activities, ensure a free and transparent voting process and in the petitioning process, making the petitioner anonymous and free from political which-hunt and attacks.
- Source: First Appeared Here
- Published Time: 2019-05-06 18:49:38
The views and opinions expressed in the article Communications Regulator FCC Looks to Blockchain for Wireless Network Licensing do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..
⚡️ Explore Our Cheap Efficient Cryptocurrency Advertising Services
We offer a variety of cryptocurrency advertising options including: Facebook posts, Twitter Tweets, Pinterest Pins, Web Banners, STO listings, Exchanges, Casino Banners, ICO listings, Article Links and Conference Landing Page Links!
Aren’t You Curious How’s Your Favorite Cryptocurrency Performing Today October 22, 2020?
Check out our price index page! Pick your favorite cryptocurrency to see its data; crypto prices, crypto market capitalization, trading pairs, buy or sell, analytics, charts, FIAT calculator, social media links, latest tweets and much more!