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A brief introduction of a blockchain based solution to the problems faced by pension industry

Retirement could be a long vacation if planned wisely and intelligently before time otherwise it would be a burden on the family or the state. The options to generate income in the later age as an individual grows older are limited but no one wants to be a burden on the family. Most of us leave their retirement age to the state-sponsored pension programs which work on the outdated pattern of passing on the savings of younger investors to support the needs of the older segment of the society but this pattern is inherently full of flaws and discrepancies.

The global pension industry is facing serious challenges and is rapidly falling apart. Most of the pension mechanisms are underfunded and are unable to meet the liabilities hence posing a big threat to the global economy and the individuals retiring in the coming years. The challenges faced by the pension industry are quite visible, the life expectancy is increasing which means the active work force is overburdened to meet the needs of increasing numbers of retired population. The other threat to the industry is the global trend of decreasing voluntary pension contributions and the ratio of active workforce to the retired population is also declining. There is no hope of finding a solution within a system that is inherently flawed and full of discrepancies.

Akropolis is providing an alternative solution to tackle these challenges existing in the pension industry by creating a decentralized infrastructure of pensions linked to blockchain technology. This new concept is completely decentralized and the participants will be the in charge of their own pension plans without involving any middleman.

 

The team explains their cause: Related image

Akroplis will provide a direct and decentralized platform to the individuals looking for their pension saving plan to connect with the funds managers and funds management institutions. The platform will ensure the complete transparency and the individuals would be able to monitor that their pension funds are properly invested and are not being transferred to pay off the liabilities of any other segment of the population as its happening in the traditional pension programs.        

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