Unable to Initiate Background Intelligent Transfer Service

I am currently facing issues with running Windows Update and the Microsoft Store on my computer. Upon further investigation, I have found that the Background Intelligent Transfer Service (BITS) is not starting, which could be the root cause of the problem.

I am encountering a specific error code, 2147024713, and the search results for this code are outdated. I have attempted to resolve the issue by using MSConfig to enable only Microsoft services during startup, but this did not resolve the problem. Additionally, I have run the Windows Update troubleshooter, but BITS is still not starting. I will restart the computer to see if that helps, but I have not yet been able to fix the issue.

At this point, I am unsure of what steps to take next to troubleshoot and resolve the problem.