The National Pension Service (NPS) of Zuid -Korea think about the prospect of turning to blockchain to streamline its accounting processes.
A local news exit reports that the NPS opens its doors for blockchain service providers to pitch web3-based solutions for the pension board. The NPS is currently checking 1.2 trillion won (US $ 836 billion), and the majority of the blockchain-based solution will revolve around its fund transaction systems.
The NPs will look for solutions for increased safety and transparency for its funds during streamlining deposits and recording processes.
Under the migration, every NPS transaction is stored on a distributed ledger and accessible to the public. However, integrating blockchain does not translate into an NPS investment of pension funds in digital assets such as BTC or Ethereum (ETH).
“It seems that she is considering introducing blockchain technology as a means to strengthen the security and transparency of the fund management system that is currently in use,” said a pension expert.
“In particular, they must have ruled that they had to build a safer and more reliable system because they manage the valuable pension assets of the nation,” the expert added.
While the pitches of Web3 service providers are considering, the NPS is said to be preparing a feasibility report for the transition to blockchain for the accounting processes of the pension fund. After the feasibility report, the NPs are expected to continue a public consultation before they are turned to distributed ledgers.
This is not the first time that the NPs have investigated blockchain functionality, with the agency leaning on emerging technology for fund management of overseas pensioners. The first experiment led to a greater hunger for the integration of blockchain in the management of the pension funds.
South Korean entities Integrate Blockchain
South Korean institutions assume blockchain, and players in the financial sector are the core of all this. Leading domestic banks have joined the central bank to float a digital currency from the Central Bank (CBDC) and at the same time explore potential blockchain-based functionalities for their internal activities.
In addition to finance, the country investigates the possibilities of digital IDs that are peppered with blockchain options. Other blockchain -Uuse cases in South Korea extend to streamlining application processes, the music industry, security and health.
Vietnam launches Digital Innovation Portal under National Digital Transformation Initiative
Elsewhere, Vietnam is heading for digital innovation, and the latest efforts are the setting up of a digital innovation portal for emerging technology.
The digital innovation portal is the brainchild of the Ministry of Science and technology of Vietnam under the country’s digital transformation agenda. The portal will operate as an official channel for private individuals and companies to submit emerging technological solutions.
Entities with innovative solutions can submit their proposals via the portal without the hassle of long -term paperwork and traditional bureaucracy. In addition, companies and individuals can update their product information with the ministry that evaluates every proposal and provides online feedback.
During the launch, Vice -Minister Pham Duc Long revealed that the portal is a step in the right direction for the Southeast Asian country that would like to match the innovation pace of its neighbors.
“More than just a digital platform, this information portal embodies a new spirit – which arises a movement of entrepreneurship, innovation and improvement; improving work efficiency and labor productivity,” Long said.
Barely 24 hours after the launch, the portal registered 100 proposals of entities in Vietnam, 60 of which are assessed for legal assessment. The proposals have cut various sectors, including finances, trade, health care, education, postal services and logistics.
Viable solutions with clear usage scenarios will receive government financing, with a reasonable evaluation process for every proposal for a long time. However, industrial players urge the ministry to establish clear evaluation criteria for increased transparency.
“The rise of this information portal is not only a communication improvement of the policy,” said a government representative. “It is a strategic connection platform between the government and the technological business community.”
Another milestone in the march to digitization
Vietnam has his sights on regional dominance for digitization and embraces emerging technologies to achieve his objectives. The Southeast Asian country is already coming in with blockchain and turns to the technology for authenticing its $ 3 trillion Halal food sector.
The largest city in the country, Ho Chi Minh, increases the effort in the blockchain and artificial intelligence (AI) investments. On the National Front, AI -Use Cases are overflowing Vietnam and the government consolidates its position in the production of semiconductors.
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