Pension Fund of the Russian Federatsia Reported on the Intent to Use Blockchain — Coinzdaily

One of the largest social services in Russia, the State Pension Fund (PFR) put forward an initiative to implement Blockchain in the work of the fund. The report was published by the local Izvestia newsletter on 19 August.

It is reported that the fund intends to use smart contracts that will fulfill the role of an employment contract. According to the submitted data, all state institutions will use this form of contract, taking new employees to work.

Representatives of PFR suggest that using Blockchain will reduce the number of paper documents and reduce the cost of maintaining large archives and databases. Also, officials are confident that such a system will protect citizens from “negligent employers who violate current legislation when concluding contracts.”

According to the statistics of the State Labor Inspectorate, only in 2017 about 465,000 labor contracts were violated. After deducing such statistics, the Russian government imposed a fine of $ 293 million for unscrupulous employers.

It is worth noting that the decision to integrate Blockchain follows the introduction of the pension reform in 2018.

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