How to increase the authority of the pension system? Blockchain it!
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The tendency to less trust the pension system has become common thing for many countries. Blockchain could help to increase its credibility. The decentralized ledger would ensure transparency of receipts and spendings of all pension accounts and save billions for the budget.
Recently, a proposal was made to the Pension Fund of Russia to implement Blockchain for individual pension capital. On the basis of this technology many problems can be solved, for example, building interaction with private funds and exclude situations when people lose savings while changing one fund to another.
The nodes of such a decentralized network could be the largest branches of the Pension Fund, as well as other relevant organizations. The advantages of such a system would be clear for all parties:
Full synchronization of all departments, since the Blockchain is automatically updated to the latest version in each node;
Transparency, since the changes are visible to all parties;
High degree of security, due to the fact that many nodes participate in the processes and each of them duplicates data, so it can not be erased or changed.
ENDO Protocol offers a ready solution for managing the finances and documents of the Pension Fund in any country. Our platform can control the change of fund by a simple mobile app ENDO KYC, while all the necessary documents will always be at hand with the ENDO Docs app. Convenient administration and fast operations for millions of accounts will be possible thanks to an advanced consensus protocol DPoS. Resilient ecosystem model will help reduce the number of errors to a minimum and make the maintenance of the entire pension system many times cheaper.
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