Blockchain continues to gain traction as a new technology that has the potential to revolutionize the world. The United Nations is one of the global organizations that have lately announced its intentions to incorporate this cryptic technology into one of its key operations.
The Pension Department of the UN to Start Using Blockchain In 2021
Publishing the details on its pension fund portal on 28 August 2020, the world body announced its intention to use the emerging technology together with face recognition in verifying the identities of its pensionable, retired staff, starting 2021.
If all goes according to plan, blockchain, which serves as the backbone of the Bitcoin cryptocurrency could see the United Nations embrace blockchain.
Why the UN Has Got It Right by Choosing to Go Blockchain and Face Recognition In Its Future Pension Fund Functions
Blockchain is arguably the most solid technology from the digital identity verification point of view. This technology provides the right framework for what’s known as “Decentralized Public Key Infrastructure.” DPKI ensures a trusted and tamper-proof medium to distribute the asymmetric encryption and verification keys used in digital identity verification purposes. (My bad for using a little bit of technical language with some jargon here).
In layman’s language, the use of blockchain and face recognition will benefit the United Nations and its staff in the following ways:
Blockchain will ensure a tamper-proof and cheat-proof digital identity verification system that no one will be able to get around. As such, the world body will be able to maintain its reputation by averting fraud that may otherwise occur due to not having a solid ID verification system in place. For the retired staff members of the United Nations who are earning a pension, the safety of pension funds is just but one huge advantage that this technology will ensure.