The system of pension in dilemma: Is blockchain the solution?

The current times are not very easy on the class of those who have retired or are retiring. The system that ensures pensions for the elderly is facing a humongous deficit. The speculations are going on as to what could be the solution to beat the deficit across the world. It is being thought over that blockchain technology could be used in a unique way to ensure that the crypto deficiency is sorted out. However, it is yet to be decided as to in what manner will cryptocurrency act as an aid in the pension crisis conundrum.

Akropolis, a startup based in Berlin has been claiming that Blockchain can impact the lives of those who have been affected by the crisis in the system that has been delivering pensions. According to the CEO of Akropolis, the adoption of cryptocurrency can be the panacea that is required when it comes to the pension deficit, that is, it can come as an aide for solutions of pressing concerns and also the previously made mistakes can be avoided. The CEO of the startup, Anastasia O Adrianova also has some views about the factor that disturbs those who are completely dependent on their pensions, it has been pointed out by her that the drawback of the pension system is that those who are dependent on the system have no control over the process and are also affected by other factors like fees, she has pointed out the lack of flexibility where it is highly required, and how with the decentralization through Akropolis, there can be added a considerable ease and transparency in the procedure of pension sanctioning.

A major reason that terrifies individuals of contacting the authorities when it comes to pending pensions and other issues is the chain of middlemen that one has to go through. Blockchain technology eliminates the need from the procedure and thus making the whole procedure manifold easier.

Akropolis is not the only company that has thought about blockchain for pension deficits. There are also other prominent companies such as PwC and NestEgg, which is based in the Netherlands.

However, the important question remains, will Blockchain radically transform the system? According to the experts, Blockchain can bring in more organization in the field; however, there is no “immediate” or “rapid” solution to the deficits as well as the several intrinsic flaws.