United Nations: Pension pilot project confirms blockchain as the "ultimate" identity verification technology

ChainCatcher news, according to CoinDesk, a recent white paper released by the United Nations shows that it has successfully reformed its pension system by adopting blockchain technology, calling this innovation "the ultimate technology for digital identity verification." This technology was piloted in collaboration between the United Nations Joint Staff Pension Fund (UNJSPF) and the Hyperledger Foundation, aiming to enhance the security, efficiency, and transparency of global pension processes using blockchain digital identity infrastructure.

Previously, the United Nations pension system relied on a 70-year-old paper-based operation to verify the identities and survival status of over 70,000 beneficiaries from 190 countries. This system was prone to errors and had risks of abuse, leading to approximately 1,400 payments being suspended each year. Since piloting in 2020 and officially implementing blockchain digital certification in 2021, the United Nations has significantly improved its management processes. Based on the successful experience of the pilot, the United Nations plans to expand the system and share it with other international organizations.