UN Implements Blockchain for Pension Funds, Plans Wider Adoption
The United Nations has adopted blockchain technology to revamp its pension system, concluding it as the "ultimate technology for digital identity verification." A recent study highlights its potential for enhancing security, efficiency, and transparency across international organizations.
- The UN integrated blockchain with the United Nations Joint Staff Pension Fund (UNJSPF) to improve identity verification for over 70,000 beneficiaries in 190 countries.
- A previously paper-based system led to errors and about 1,400 payment suspensions annually. The blockchain transition began with a pilot in 2020 and full implementation in 2021.
- The new digital certification system reduced processing times and minimized the risk of single-point failures inherent in a centralized approach.
- The initiative also demonstrated a collaborative operational model that can be extended within the UN system and shared as a "digital public good" with other international entities.
Sameer Chauhan, director of the United Nations International Computing Centre, emphasized the project's success in creating a secure, scalable, and inclusive digital infrastructure.