Pension Fund of Russia moves to blockchain
The Pension Fund of Russia has prepared a large-scale blockchain initiative for all of its pension systems. As part of the changes, smart contracts will be developed that will help to track data on employment contracts. Such information was reported by Izvestia.
Authors of the initiative expect that blockchain will allow the Fund to save on the storage and maintenance of information. In addition, workers will receive protection from fraud by employers.
To conclude a new employment contract smart contracts will be used. They have to be confirmed by digital signatures. To obtain such a contract, a citizen of the Russian Federation has to visit the Multifunctional Center for Provision of State and Municipal Services and providing a package of necessary documents. All data on employment contracts will be stored in blockchain, so that it cannot be changed.
The exact date when the blockchain initiative will come into force is unknown. The Pension Fund of Russia informed that the transition to the new technology will be gradual.