The pension Fund of Russia will implement a blockchain

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The pension Fund of Russia will use blockchain tech to track information on contracts of employment between employers and employees. Due to this, the Agency intends to reduce the cost of storing and maintaining large amounts of data, write “Izvestia” with reference to the press service.

In particular, before the end of the year specialists of the FIU will prepare proposals for the unification of all information systems into a single digital platform that will use the technology of the distributed registry data.

We are talking about the introduction of smart contracts. This new type of agreements concluded in electronic form and approved by the parties a digital signature. To apply for the contract, you will need to go to the MFC, or any other certification authority and submit the required documents.

Now PFR accumulates data on tax deductions and insurance contributions of employers on their servers. In the future all this information will be stored using distributed databases. The blockchain technology allows in this case to clearly record all arrangements and necessary documents, and the ability to make changes retroactively excluded.

Earlier it was reported that Russia may start to use the blockchain for registration of mortgage transactions.

Why is it important

  • The transition to the consolidation of labour relations in electronic form will be gradual. In June, Prime Minister Dmitry Medvedev said that the digital work books will start in 2020, but after that employers will continue to conduct traditional paper-based documents.
  • In the future, smart contracts would allow not only to abandon the compulsory wrapping them in paper form, but to have information about them at any time. The technology of the blockchain will allow to distribute information about the employment contracts between employers and certifying centres, reducing the costs of the pension Fund for the maintenance and storage of a large volume of data, while the citizens will be additionally protected against negligent employers who draw up contracts of employment in violation of the law.

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