Experiment with pension funds confirms the blockchain as ‘ultimate’ tech identity
The United Nations relies on blockchain technology to overhaul its own pension system, and a Studying that process The end of the change is the “ultimate technology for verifying digital identity,” which has increased to the UN towards expanding the system and sharing it with other international groups.
The UN – that has explored various blockchain tools Over the years – it has been tested at their United Nations Joint Staff Pension Fund (UNJSPF), according to a white paper released this week that suggested its use in confirming people’s identity can help with security, efficiency and transparency. In collaboration with The Hyperledger FoundationThe UN seeks to “improve and secure the UN pension process worldwide by placing an infrastructure supported by digital labor identity.”
The UN Pension Fund is working in a 70 -year -old system to identify beneficiaries in 190 countries, relying on a paper -based approach to prove more than 70,000 beneficiaries they say they are, still alive and where they claim. It was prone to error and abuse, and resulted in nearly 1,400 payment suspensions per year, according to the document. So the organization moved to the blockchain -powered blockchain, starting with a 2020 pilot program and a 2021 implementation.
“The transition from physical documentation has significantly reduced the processing times previously spent receiving, opening, scanning, and carrying out paper documents,” the paper said.
The blockchain helped eliminate the single-point-of-file problem that got a central-managed approach, according to the paper that detailed the process and results, with the authors suggesting its success could be repeated elsewhere. The open accessing and availability of many creatures reduces the repetitive demand for identity checks, the sets have found.
The UN has explored the spread of similar technology throughout its own system and sharing it elsewhere as a “digital public good,” looking to expand the digital certificate of approach to the right to other international organizations.
“The project has provided not only a technical prototype but also a operating model for how organizations throughout the UN family can cooperate to design a safe, measured, and along with the digital public infrastructure,” Written Sameer Chauhan, the Director of the United Nations International Computing Center, wrote in a paper conclusion.
