2 months ago
South Korea’s National Pension Service (NPS), which manages 1,224 trillion won ($836 billion) successful assets, plans to look astatine however a blockchain could beryllium utilized successful its money transaction systems.
The enactment is weighing a displacement to blockchain exertion to boost transparency and information successful managing its deposits, withdrawals and investments, according to Seoul Economic Daily, which cited manufacture sources.
The NPS plans to statesman a preliminary disclosure process, inviting blockchain experts and companies to measurement successful earlier formally launching the initiative, the quality outlet said.
This feedback phase, modular for large nationalist projects successful Korea, volition pass a probe survey into the feasibility of integrating blockchain into the pension fund’s accounting system. The NPS is specifically looking astatine however blockchain’s shared ledger tin forestall tampering of money records, a important task for the instauration to guarantee the status information of millions of people.
The NPS has antecedently utilized a blockchain to way overseas pension recipients. While it isn’t considering investing straight successful bitcoin (BTC) oregon different cryptocurrencies, it has indirect vulnerability to the assemblage aft investing successful some Strategy and Coinbase shares.
The inaugural comes soon aft South Korea’s 7-Eleven stores started accepting the Bank of Korea’s cardinal slope integer currency arsenic portion of a large trial.
Disclaimer: Information gathered for this nonfiction was translated with the usage of artificial intelligence.
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