The G.723.1 reference article from the English Wikipedia on 24-Apr-2004
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G.723.1

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G.723.1 is an audio CODEC for voice that compresses voice audio in chunks of 30 milliseconds. Music or tones such as DTMF or Fax tones cannot be transported reliably with this CODEC, and thus use G711 or Out-of-band methods to transport these signals.

G.723.1 is mostly used in Voice over IP (VoIP) applications for its low bandwidth requirement.

See also G711, G729