The National Pension Service (NPS) of South Korea, which manages 1,224 Billions of Won (836 billion dollars) of assets, plans to see how a blockchain could be used in its fund transaction systems.
The organization weighs a transition to blockchain technology to stimulate transparency and security in the management of its deposits, withdrawals and investments, according to Seoul Economic Daily, which cited industry sources.
The NPS plans to start a preliminary disclosure process, inviting the blockchain experts and companies to weigh before officially launching the initiative, the media said.
This feedback phase, a standard for the main public projects in Korea, will shed light on a research study on the feasibility of the integration of blockchain into the accounting system of the pension fund. The NPS specifically examines how the big common book of blockchain can prevent the falsification of fund files, a crucial task for the institution in order to ensure the security of the retirement of millions of people.
The NPS previously used a blockchain to follow the recipients abroad. Although he does not plan to invest directly in Bitcoin (BTC) or other cryptocurrencies, he has an indirect exposure to the sector after having invested in strategy and coinbase actions.
The initiative comes shortly after 7-Eleven stores in South Korea began to accept the digital currency of the Central Bank of the Bank of Korea as part of a major test.
Warning: The information collected for this article has been translated with the use of artificial intelligence.
