Surprisingly, the most recent institution in Russia to join the growing crypto community turned out to be the State Pension Fund (PFR), the largest public social services provider in the country. The fund intends to apply innovative blockchain technology to the labor industry and labor relations to manage and monitor all employment contract data, local daily newspaper Izvestia reported.
The news outlet cites the PFR's press center reporting that the pension fund aims to implement and use smart contracts as labor agreements between employers and employees. Such contracts will be signed with an electronic signature which citizens can get from any local Multifunctional Center providing state and municipal services.
Currently, PFR gathers and stores employers' data on insurance premiums and taxation on its centralized servers. However, with the implementation of blockchain technology, all PFR information systems will be integrated into a single blockchain-based platform, and all employment contracts will be recorded on ...
This article appeared first on Cryptovest
