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A pension crisis is spreading all over the world and the problem is only getting worse.Only in America, many states do not have enough money to pay promised benefits to government workers According to a recent report of the The Pew Charitable Trusts the deficit in the United States has grown by $ 295 billion between 2015 and 2016. In total, state pension plans have only had $ 2.6 trillion to cover a cumulative liability of $ 4 trillion.
And the pension crisis is not affecting just America.The UK now has a $ 4 trillion dollar savings deficit, which was designed by experts to increase by 4% each year and reach 33 trillion dollars by 2050. Even other populous countries like China have been severely affected, as pension costs increase by 11.6% to 2.58 billion yuan n el 2016. The government was left with a cost of 429.1 billion yuan to cover the deficit, according to data from the min. istry. & nbsp; Meanwhile, the World Economic Forum predicts that the pension deficit will reach $ 400 trillion by 2050.
Anastasia Andrianova, a former private equity investor Lehman Brothers and founder and CEO of [19659011] Akropolis ha w blew up the pension crisis in the first person. Andrianova has not only been involved in the financial sector for years, but her roots in Eastern Europe have allowed her to see what happens in times of economic hardship.
" When an economic crisis occurs, the first thing that a state will make it draw on pension funds or reserves. Both public and private funds are raided. in the first person, which has been further strengthened by the global financial crisis of 2007. Fast attack points are generally pension services, pension payments are cut first, which affects people for the worst, "Andrianova told me [19659016] Blockchain can solve the interrupted pensions sector
Following the work of Andrianova with various pension funds, he began to notice some weaknesses affecting the pension system. Andrianova recently wrote on Global Banking and Finance Review
The pension system simply does not work anymore. Cost inefficiencies are decimating the savers' vessels, mismanagement is widespread and programs are mired in complexity. In the meantime, retirements grow longer and become more expensive as life expectancy increases. People who have contributed to the funds for decades are stuck in schemes that can not provide their pensions. Meanwhile, alienated young generations struggling with rents and high property prices do not save enough for the future.
According to Andrianova, the lack of transparency is at the heart of the many problems afflicting current pension systems. One of the main advantages of blockchain technology is its ability to provide greater transparency and efficiency. Believing firmly that the current pension system is too far away, Andrianova founded his company, Akropolis, last year.
Currently, Akropolis is working on building a protocol to provide a blockchain-based infrastructure to decentralize pensions. The platform aims to bring together fund managers, institutional users, individual users and developers in a single ecosystem to provide greater transparency to pension funds. This would also eliminate intermediaries who could potentially benefit from retirement investments.
"I wanted to find a solution that would include decentralized custody, a verifiable curriculum accessible to interested parties and a single unchangeable source of truth.Of course, this led us to explore blockchain technology," explained Andrianova.
Furthermore, adopting a blockchain-based approach to the pension system also means that no single entity has control of the ledger, ensuring that transparency can be integrated into the protocol layer. And once the data has been entered, it can not be erased, helping with the integrity of the pensions.
More importantly, Andrianova also understands that a blockchain-based pension ecosystem could also use smart contracts to ensure the exclusive delivery of funds to beneficiaries. This will eliminate the risk of seizure of funds and hidden costs.
"We are building a platform that users can trust, where no single party can take their money away, it's so simple, I'm not sure too many people are aware of it, but even in US pension fund raids they've become a huge problem ", noted Andrianova
Preventing a pension crisis?
While Andrianova truly believes that blockchain technology can help solve many of the problems facing today's pension systems, he is aware that a blockchain-based solution will not inevitably prevent a crisis from occurring. However, it is convinced that building a new solution from scratch will help solve many of the critical points relating to pension systems
The incoming pension crisis is so acute: it is inevitable and huge. In our case, the blockchain is used to solve a problem that requires innate security and a single source of truth. I'm not saying that blockchain will solve all future problems, but it is a tool that will help to address current critical points. Decentralized blockchain pensions are, without a doubt, the best route to a more secure financial future in the world.
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A pension crisis is occurring all over the world and the problem is getting worse. In America alone, many states do not have enough money to pay the promised benefits to government workers. According to a recent report of The Pew Charitable Trusts the deficit between the United States has grown by $ 295 billion between 2015 and 2016. In total, state pension plans had just $ 2.6 trillion to cover a liability cumulative $ 4 trillion.
And the pension crisis is not just influencing America. The United Kingdom now has a $ 4 trillion savings deficit, which has been designed by experts to increase by 4% each year and reach $ 33 trillion by 2050. Other populous countries like China are also hit hard, seeing pension costs rise by 11.6% to 2.58 trillion yuan in 2016. The government was left with a spending of 429.1 billion yuan to cover the deficit, according to data from the Ministry of Finance . Meanwhile, the World Economic Forum predicts that the pension deficit will reach $ 400 billion by 2050.
Anastasia Andrianova, a former private equity investor Lehman Brothers and founder and CEO of Akropolis Se w made sure that the pension crisis took place in the first person. Andrianova has not only been involved in the financial sector for years, but her roots in Eastern Europe have allowed her to see what happens in times of economic hardship.
" When an economic crisis occurs, the first thing that a state will make it draw on pension funds or reserves. Both public and private funds are broke in. I have seen this happen in the first person, which has been further strengthened by the global financial crisis of 2007. Fast attack points are generally pension services, pension payments are cut first, which affects people for the worst, "Andrianova told me [19659016] Blockchain can solve the interrupted pensions sector
Following the work of Andrianova with various pension funds, he began to notice some weaknesses affecting the pension system. Andrianova recently wrote about Global Banking and Finance Review
The pension system simply does not work anymore. Cost inefficiencies are decimating the savers' vessels, mismanagement is widespread and programs are mired in complexity. In the meantime, retirements grow longer and become more expensive as life expectancy increases. People who have contributed to the funds for decades are stuck in schemes that can not provide their pensions. Meanwhile, alienated young generations struggling with rents and high property prices do not save enough for the future.
According to Andrianova, the lack of transparency is at the heart of the many problems afflicting current pension systems. One of the main advantages of blockchain technology is its ability to provide greater transparency and efficiency. Believing firmly that the current pension system is too far away, Andrianova founded his company, Akropolis, last year.
Currently, Akropolis is working on building a protocol to provide a blockchain-based infrastructure to decentralize pensions. The platform aims to bring together fund managers, institutional users, individual users and developers in a single ecosystem to provide greater transparency to pension funds. This would also eliminate intermediaries who could potentially benefit from retirement investments.
"I wanted to find a solution that would include decentralized custody, a verifiable curriculum accessible to interested parties and a single unchangeable source of truth.Of course, this led us to explore blockchain technology," explained Andrianova.
Furthermore, adopting a blockchain-based approach to the pension system also means that no single entity has control of the ledger, ensuring that transparency can be integrated into the protocol layer. And once the data has been entered, it can not be erased, helping with the integrity of the pensions.
More importantly, Andrianova also understands that a blockchain-based pension ecosystem could also use smart contracts to ensure the exclusive delivery of funds to beneficiaries. This will eliminate the risk of seizure of funds and hidden costs.
"We are building a platform that users can trust, where no single party can take their money away, it's so simple, I'm not sure too many people are aware of it, but even in US pension fund raids they've become a huge problem ", noted Andrianova
Preventing a pension crisis?
While Andrianova truly believes that blockchain technology can help solve many of the problems affecting today's pension systems, he is aware that a blockchain-based solution will not inevitably prevent a crisis from occurring. However, it is convinced that building a new solution from scratch will help solve many of the critical points relating to pension systems
The incoming pension crisis is so acute: it is inevitable and huge. In our case, the blockchain is used to solve a problem that requires innate security and a single source of truth. I'm not saying that blockchain will solve all future problems, but it is a tool that will help to address current critical points. Decentralized blockchain pensions are, without a doubt, the best route to a more secure financial future in the world.
