South Korea’s National Pension Services (NPS) manages 1,224 trillion won ($836 billion) of assets and plans to look at how blockchain can be used in its fund trading system.
According to Seoul Economic Daily, which cited industry sources, the organization weighs the move to blockchain technology, increasing transparency and security in managing deposits, withdrawals and investments.
The NPS will begin a preliminary disclosure process and invite blockchain experts and businesses to squeeze the initiative before officially launching its initiative, the news outlet said.
This feedback phase, a standard for major public projects in Korea, informs research into the feasibility of integrating blockchain into the pension fund’s accounting system. NPS is particularly considering how shared blockchain ledgers prevent tampering with fund records. This is an important task for institutions to ensure retirement security for millions of people.
NPS previously used blockchain to track pensioners overseas. Although we are not considering direct investments in Bitcoin (BTC) or other cryptocurrencies, we have indirect exposure to the sector after investing in both strategy and Coinbase stocks.
The initiative comes shortly after seven South Korean stores began accepting the Bank of Korea’s central bank digital currency as part of a major trial.
Disclaimer: The information collected for this article was translated using artificial intelligence.
