South Korea’s Nationwide Pension Service (NPS), which manages 1,224 trillion gained ($836 billion) in belongings, plans to have a look at how a blockchain might be utilized in its fund transaction programs.
The group is weighing a shift to blockchain know-how to spice up transparency and safety in managing its deposits, withdrawals and investments, in keeping with Seoul Financial Every day, which cited business sources.
The NPS plans to start a preliminary disclosure course of, inviting blockchain consultants and corporations to weigh in earlier than formally launching the initiative, the information outlet stated.
This suggestions section, commonplace for main public initiatives in Korea, will inform a analysis examine into the feasibility of integrating blockchain into the pension fund’s accounting system. The NPS is particularly taking a look at how blockchain’s shared ledger can forestall tampering of fund information, a vital activity for the establishment to make sure the retirement safety of tens of millions of individuals.
The NPS has beforehand used a blockchain to trace abroad pension recipients. Whereas it isn’t contemplating investing immediately in bitcoin (BTC) or different cryptocurrencies, it has oblique publicity to the sector after investing in each Technique and Coinbase shares.
The initiative comes shortly after South Korea’s 7-Eleven shops began accepting the Financial institution of Korea’s central financial institution digital foreign money as a part of a significant trial.
Disclaimer: Info gathered for this text was translated with using synthetic intelligence.
