Will We Live To Receive Blockchain-Based Pensions?

The global pension deficit is now estimated to reach a stunning $400 trillion in 20 years and people have a lot of reasons to worry about. However, the blockchain technology might help us solve some of the problems that will likely occur by making certain societal and economic shifts.

A Berlin-based startup named Akropolis claims that with the blockchain potential they will try to fix the pressuring points and prevent a lot of the mistakes the current pension system has. Akropolis want to provide a decentralized pension platform that will apparently be based on the ethereum blockchain. They want to build a system where people can have control over their assets and watch closely on the fees that are charged on pensions today. The decentralization will provide people who receive pension a transparent ledger that will easily prove them their pension contributions, records, and savings.

Pension holders will have tamper-proof records and also will have the ability to keep in contact with pension funds without having to pay middlemen and wait for days till they get the needed records or documents. The simplicity that the project offers is what makes it a huge potential for the pension industry.
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This technology can simplify the entire process of managing someone’s long-term savings and also can improve the costs and save time and also very likely to stimulate people to have a better commitment to save even more.

There are other companies that are working on a project like this as well. They also use ethereum-powered smart contracts in order to make fees more transparent and provide customers with the promised services.