A 'white space' is a gap in the radio spectrum that exists between bands that have been reserved for TV broadcasting.
Ofcom says that these currently dormant frequencies could be used to allow devices to transmit and receive wireless signals, potentially unlocking a range of uses.
For example, utility meters in consumers' homes could wirelessly measure the latest readings and automatically update the account, or businesses could use the technology to remotely track their inventory.
Alongside white space devices, the frequencies could be used to improve WiFi quality and rural broadband coverage, according to Ofcom.
Compared with other wireless technologies, such as Bluetooth or WiFi, the radio waves used by white space devices can travel for much larger distances and easily pass through walls. This is because they use lower frequencies reserved for TV signals.
Spectrum is a very limited and valuable resource, which is under huge demand, particularly with the recent proliferation of smartphones and other wireless devices.
But Ofcom notes that white space technologies offer a way to "use spectrum that would otherwise lay fallow".
"It also represents a fundamentally different approach to using spectrum by searching and recycling unused gaps in the airwaves.
"This could prove critical in averting a global spectrum capacity crunch, as consumers demand more bandwidth over different devices."
Ofcom has said that white space technologies would not need a specific licence to operate.
However, they would not be able to start transmitting until getting clearance from an Ofcom-administered online database, which would ensure there was no interference with other signals.
The regulator has launched a consultation on its white space plans, closing on January 10, 2013. After that process is complete, it will contact the European Commission on its proposed technical regulations for white space devices.
There will then be a three-month 'standstill' period for consultation with EU member states, but Ofcom expects white space technology to potentially launch in the UK towards the end of 2013.
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