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Photo: Shutterstock.com / YAKOBCHUK VIACHESLAV

Blockchain Can Help UK Savers Recover $48B in Unclaimed Pensions, Says R3

– Coindesk

Tech company R3 is providing pension firms with blockchain technology to help recover savers’ lost funds

This article explores how the struggle to verify pension holders could be remedied through blockchain technology. Currently, checks that a pension holder is still alive and entitled to their funds are conducted through unreliable methods such as sending letters or asking people to come in person.

“As a verification system, it’s full of holes. Through ill-health, commitments or distance, many people won’t be able to show up at an office so easily.”

Additionally, people must make separate identity profiles for every pension scheme they are a part of. Blockchain could vastly simplify the process by streamlining their information into one profile.

"Instead of a third party providing a service, a blockchain network could potentially mean citizens are in control of their identity... users would be able to selectively disclose parts of their identity as needed,” said Abbas Ali of R3

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