Finance, South Korea, Blockchain, Pension Funds The NPS plans to ask blockchain specialists and firms to take part in a preliminary disclosure course of earlier than beginning a analysis research. 

South Korea’s National Pension Service (NPS), which manages 1,224 trillion won ($836 billion) in property, plans to have a look at how a blockchain may very well be utilized in its fund transaction techniques.

The group is weighing a shift to blockchain expertise to spice up transparency and safety in managing its deposits, withdrawals and investments, in line with Seoul Economic Daily, which cited business sources.

The NPS plans to start a preliminary disclosure course of, inviting blockchain specialists and firms to weigh in earlier than formally launching the initiative, the information outlet stated.

This suggestions part, 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 how blockchain’s shared ledger can forestall tampering of fund data, a vital activity for the establishment to make sure the retirement safety of tens of millions of individuals.

The NPS has beforehand used a blockchain to trace abroad pension recipients. While it isn’t contemplating investing immediately in bitcoin (BTC) or different cryptocurrencies, it has oblique publicity to the sector after investing in each Strategy and Coinbase shares.

The initiative comes shortly after South Korea’s 7-Eleven stores started accepting the Bank of Korea’s central financial institution digital foreign money as a part of a significant trial.

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

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