South Korea’s National Pension Service Eyes Blockchain for $890B Fund’s Transactions

South Korea’s Nationwide Pension Service (NPS), which manages 1,224 trillion gained ($836 billion) in property, 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 response to Seoul Financial Each 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 mentioned.

This suggestions section, commonplace for main public initiatives in Korea, will inform a analysis research 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 stop tampering of fund data, a vital job for the establishment to make sure the retirement safety of thousands and thousands of individuals.

The NPS has beforehand used a blockchain to trace abroad pension recipients. Whereas it isn’t contemplating investing straight 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 serious trial.

Disclaimer: Info gathered for this text was translated with the usage of synthetic intelligence.