IBM has started an initiative to create a distributed ledger technology (DLT) based framework that will form the back bone of digital pension program for Bangladeshi primary school teachers.
The PoC (Proof-of-Concept) consists of a permissioned network of teachers and other partakers backed by the IBM Blockchain Platform, with pension data loaded on the blockchain to guarantee unalterable data keeping and offer safety guarantees to teachers partaking in GBB (Grameen Bank of Bangladesh) e-pension plan.
The trial is carried out in collaboration with the Bangladesh Computer Council (BCC), a government supervising IT policy in the country. The digital pension system is expected to run on IBM’s blockchain platform.
BCC’s executive director, Parthapratim Deb said “We believe blockchain will increase confidence in the e-pension system by ensuring that payouts are based on accurate and authentic information.”
Deb believes that the trial will encourage additional blockchain efforts by the Bangladeshi government stating “Its success will likely encourage other agencies to explore applications for our core blockchain platform, furthering BCC’s mission of transforming governmental digital services.”
The trial was suggested by developers constituting the Bangladesh national Digital Architecture team (BNDA), with the BNDA having earlier created an e-governance infrastructure to normalize the distribution of digital services throughout Bangladeshi government agencies.
IBM has rolled out several blockchain programs in Bangladesh in the last 12 months, collaborating with both public and private groups to update several systems that form the backbone of the organization of Bangladesh society.
Last December, IBM partnered with domestic firm IPDC Finance Limited to roll out the nation’s first DLT-powered supply chain funding platform, Orjon. Three months earlier, the country’s Ministry of IT chose IBM as the tech associate for setting up a digital technology research center in Dhaka, Bangladesh’s capital city.
The facility is aimed to quicken technological advancement in path breaking technologies including artificial intelligence, blockchain and big data.