The National Pension Service of South Korea (NPS), which manages 1,224 billion WON ($ 836 billion) in assets, plans to see how a block chain could be used in its fund transactions systems.
The organization is weighing a change to blockchain technology to promote transparency and safety in the management of its deposits, retreats and investments, according to Seoul Economic Daily, which cited industry sources.
The NPS plans to start a preliminary dissemination process, inviting Blockchain experts and companies to evaluate before formally launching the initiative, said the media.
This feedback phase, standard for the main public projects in Korea, will report a research study on the viability of integrating blockchain into the accounting system of the pension fund. The NPS is specifically observing how Blockchain’s main book can prevent the manipulation of fund records, a crucial task for the institution to guarantee the retirement security of millions of people.
The NPS has previously used a block chain to track pension receptors abroad. While it is not considering investing directly in Bitcoin (BTC) or other cryptocurrencies, it has indirect exposure to the sector after investing both strategy actions and coinbase actions.
The initiative occurs shortly after the 7-Eleven stores in South Korea began accepting the digital currency of the Central Bank of the Bank of Korea as part of an important trial.
Discharge of responsibility: the information collected for this article was translated with the use of artificial intelligence.
