United Nations Revolutionizes Pension System with Blockchain Technology

According to PANews, a recent white paper from the United Nations highlights the successful reform of its pension system through blockchain technology, which is praised as the 'ultimate technology for digital identity verification.' This initiative was piloted in collaboration with the United Nations Joint Staff Pension Fund (UNJSPF) and the Hyperledger Foundation, aiming to enhance the security, efficiency, and transparency of global pension processes using blockchain digital identity infrastructure. Previously, the UN pension system relied on a 70-year-old paper-based method to verify the identity and status of over 70,000 beneficiaries across 190 countries. This outdated system was prone to errors and abuse, resulting in approximately 1,400 payment suspensions annually. Since the pilot in 2020 and the official implementation of blockchain digital certification in 2021, the United Nations has significantly improved its management processes. Building on the success of this pilot, the UN plans to expand the system and share it with other international organizations.