The Future of Teacher’s Pension System Using Blockchain

2. The Future Of Teacher’s pension System Using Blockchain Blockchain's use seems to be taking the world by storm, with so many use cases, Blockchain is revolutionizing the functioning of the industry, and it is now finding wider acceptance across the different segment of the industry. One of the use cases that we will be discussing in this blog is how can Blockchain help in the teacher’s pension system.

3. Blockchain and the Teacher’s Pension System- While it may sound astounding when we talk about using Blockchain for the pension system, but the fact of the matter is that the conventional system is troublesome and is very time-taking. Blockchain can intervene and help in overcoming all the bottlenecks, thus making the entire system work seamlessly. .

4. After retiring, every teacher expects to get an accurate, timely pension. Despite the accuracy of the current platform, inadvertent errors can occur, which can be problematic for both the teacher and the management. Besides, if there is an attack by cybercriminals, it can lead to loss of information and money. Hence, there is a need for a system which is threat-free and has no errors. So, here comes Blockchain.

5. Though this technology is at a nascent stage, at the same time, it is the panacea that every company is looking for it. The developers associated with the Bangladesh National Digital Architecture (BNDA) have developed an e-Governance framework to standardize digital service delivery for all government entities of Bangladesh. The Bangladesh Computer Council is working with IBM to form an e-pension system for the teachers.

6. The solution that they have come up with a proof-of-concept permissioned Blockchain system having teachers and stakeholders for managing pension information. Since this system is based on Blockchain, it capitalizes on Blockchain's popular features, which include transparency, immutability, data security, and decentralization. All these features will make the pension system work efficiently and ensure that system is working without any threat.

7. This e-pension system has been created with the arduous efforts of BNDA developers, education experts, and IBM Blockchain engineers. This new system is called Digital Book Service and e-pension system that leverages Blockchain's benefits to the e-pension system. With the help of this system, retired teachers can actively seek the status of their pension, and at the same time, they can directly connect with the designated authorities. It will be a time-saving activity that is eventually going to make the pension system more efficient.

8. Conclusion- This is just one example of how Blockchain is transforming the industry and affecting different modes of operations. With the changes and evolution in this technology, we will soon see a mass-level application of Blockchain in real life.

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