South Korea’s National Pension Service (NPS) is exploring the potential of utilizing blockchain technology to enhance its accounting processes. With assets totaling 1.2 trillion won (US$836 billion), the NPS is inviting blockchain service providers to propose Web3-based solutions for its fund transaction systems. The primary focus of these solutions will be to improve security, transparency, and efficiency in managing deposits and withdrawals.
By implementing blockchain technology, every transaction made by the NPS will be securely recorded on a distributed ledger that is accessible to the public. This move is aimed at strengthening the existing fund management system and ensuring the safety of the nation’s valuable pension assets. While the integration of blockchain does not involve investing pension funds in digital assets like Bitcoin or Ethereum, it signifies a significant step towards modernizing the pension fund accounting processes.
South Korean institutions, particularly in the financial sector, have been at the forefront of adopting blockchain technology. Major banks in the country are collaborating with the central bank to explore central bank digital currencies (CBDC) and leverage blockchain for internal operations. Beyond finance, South Korea is also exploring blockchain applications in digital IDs, job applications, the music industry, security, and healthcare.
Meanwhile, Vietnam is also embracing digital innovation as part of its national digital transformation initiative. The country’s Ministry of Science and Technology has launched a digital innovation portal to facilitate the submission of emerging technology solutions by individuals and enterprises. This portal streamlines the proposal submission process, eliminates bureaucratic hurdles, and enables online evaluation and feedback from the Ministry.
The launch of the digital innovation portal in Vietnam has garnered significant interest, with over 100 proposals submitted within 24 hours. These proposals span various sectors such as finance, commerce, healthcare, education, and logistics, with viable solutions eligible for government funding. The objective of the portal is to foster entrepreneurship, innovation, and productivity in Vietnam’s technology ecosystem while establishing a transparent and efficient evaluation process for emerging technologies.
As Vietnam continues its march towards digitization, the country is leveraging technologies like blockchain and artificial intelligence (AI) to drive innovation across industries. From authenticating the halal food sector to investing in blockchain and AI in Ho Chi Minh City, Vietnam is positioning itself as a regional leader in technology adoption. With a focus on semiconductor manufacturing and AI applications, Vietnam is poised to capitalize on the opportunities presented by emerging technologies in the digital era.