Blockchain Technology To Be Utilized For Russian State Pension Fund Schemes

The use of the blockchain technology is increasing with the rise in the popularity of the same along with other cryptocurrencies. In many areas, this technology is replacing the traditional mode and a recent addition to this list is the State Pension Fund in Russia. This is the biggest public social service provider and has recently decided to join this world of cryptocurrencies. The decision is to basically apply this blockchain technology to both the labor relations as well as the labor industry and the purpose to be fulfilled with the same is to monitor as well as manage the employment data, as per the reports.

Blockchain Technology To Be Utilized For Russian State Pension Fund Schemes

There have been some ongoing abuses, as far as the labor market in the region is considered and therefore this decision to use the smart contracts as well as the blockchain technology for the labor agreements between the employees and the employers, in order to manage the situations.  These contracts can be signed with the electronic signatures that the people can easily get from the municipal services and the multifunctional centers in the region.

All the data is currently being stored on the centralized servers but with the adaptation of this technology, a single platform based on the technology will be created after integrating all of these information systems, and the distributed ledger is where all of these contacts would be then stored. The adaptation of this technology is beneficial in many ways as it can improve the data integrity and security, along with the benefits like high processing speed and the guarantee of high transparency, among others.

Speaking of the use of blockchain technology in Russia, other authorities have also started to use this technology in order to manage the respective tasks. For instance, the Defense Ministry of Russian Federation is also planning to use the technology to prevent the hack attacks along with the intention to improve the overall cyber security.

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