Blockchain-Based Pension System Ensuring Security, Provenance and Efficiency

Abstract

The literature presents a digitized pension system based on a consortium blockchain, with the aim of overcoming existing pension system challenges such as multiparty collaboration, manual intervention, high turnaround time, cost transparency, auditability, etc. In addition, the adoption of hyperledger fabric and the introduction of smart contracts aim to transform multi-organizational workflow into a synchronized, automated, modular, and error-free procedure.