South Korea’s National Pension Service (NPS), which manages 1,224 trillion won ($ 836 billion) on assets, plans to look at how a blockchain could be used in its fund transaction systems.

The organization weighs a shift to blockchain technology to increase transparency and security when managing its deposits, withdrawals and investments, according to Seoul Economic Daily, quoting the industry.

NPS is planning to begin a preliminary detection process and invites blockchain experts and businesses to weigh before they formally launched the initiative, the news socket said.

This feedback phase, Standard for major public projects in Korea, will inform a research study about the possibility of integrating Blockchain into the pension fund’s accounting system. NPS specifically looks at how Blockchains Shared Headbox can prevent manipulation of fund registers, a crucial task for the institution to ensure retirement security for millions of people.

NPS has previously used a blockchain to track overseas pension recipients. Although it is not considering investing directly in Bitcoin (BTC) or other cryptocurrencies, it has indirect exposure to the sector after investing in both strategy and coinbase shares.

The initiative comes shortly after South Korea’s 7-Eleven stores began accepting Bank of Korea’s central bank’s digital currency as part of a major trial.

Disclaimer: Information collected for this article was translated with the use of artificial intelligence.