UN: Pension pilot project proves blockchain is the 'ultimate' identity verification technology

PANews reported on September 28th that, according to CoinDesk, the United Nations recently released a white paper demonstrating its successful reform of its pension system through the adoption of blockchain technology, hailing this innovation as "the ultimate technology for digital identity verification." The technology, piloted by the United Nations Joint Staff Pension Fund (UNJSPF) in collaboration with the Hyperledger Foundation, aims to leverage blockchain digital identity infrastructure to improve the security, efficiency, and transparency of global pension processes.

Previously, the United Nations pension system relied on a 70-year-old paper-based process to verify the identity and survival status of over 70,000 beneficiaries in 190 countries. This system was prone to errors and abuse, resulting in the suspension of approximately 1,400 payments annually. Following a pilot program in 2020 and the official implementation of blockchain digital authentication in 2021, the United Nations has significantly improved its management processes. Based on the successful pilot, the United Nations plans to expand the system and share it with other international organizations.