Can I create a repository / library/ database to set pre-configured options in a particular field

[manmohan.adhikari]

I might have a set custom field: "Channel Name" in which I have already defined my channels such as 1) ABC, 2) XYZ.
Now, if I want to add 3rd option in my channel name i.e. 3) MNO I just have to add in my library and basis this the options in channel name in all my form changes with 3 options instead of 2 options