The National Pension Service (NPS) of Zuid -Korea, which won 1,224 trillion ($ 836 billion) in assets, is planning to see how a blockchain can be used in its fund transaction systems.
The organization weighs a shift to blockchain technology to stimulate transparency and security when managing its deposits, recordings and investments, according to Seoul Economic Daily, who mentioned sources in the industry.
The NPS is planning to start a provisional disclosure process and to invite blockchain experts and companies to weigh the initiative formally, said the news exit.
This feedback phase, standard for large public projects in Korea, will inform a study about the feasibility of integrating blockchain in the accounting system of the pension fund. The NPS looks specifically at how blockchain’s shared ledger can prevent the fund records from being tampered with fund, a crucial task for the institution to guarantee the pension security of millions of people.
The NPS has previously used a blockchain to follow overseas pension recipients. Although it is not considering investing directly in Bitcoin (BTC) or other cryptocurrencies, the indirect exposure to the sector after investing in both strategy and coinbase shares.
The initiative comes shortly after the 7-Eleven stores of South Korea have started to accept the digital currency of the Bank of Korea as part of a large process.
Disclaimer: Information collected for this article was translated with the use of artificial intelligence.
