Preparing the Trinity Audio player. . . South Korea’s National Pension Service (NPS) is considering adopting blockchain technology to enhance its accounting operations. The agency, managing 1. 2 trillion won (US$836 billion), is inviting blockchain service providers to propose Web3-based solutions primarily focused on its fund transaction systems. The goal is to improve security, transparency, and streamline deposit and withdrawal processes. Under the planned shift, all NPS transactions would be recorded on a distributed ledger accessible to the public. However, this blockchain integration does not mean NPS will invest pension funds in cryptocurrencies like Bitcoin or Ethereum. A pension expert noted the move is aimed at reinforcing the existing fund management system’s security and reliability, acknowledging the importance of safeguarding the nation’s pension assets. Currently, NPS is reviewing proposals from Web3 service providers while preparing a feasibility report on blockchain adoption for pension fund accounting. A public consultation is expected to follow before fully transitioning to distributed ledger technology. This initiative builds on earlier experiments where blockchain was used for managing overseas pension funds, which increased interest in broader blockchain application within the pension system. In South Korea, blockchain adoption is widespread beyond pensions. Major financial institutions and domestic banks, alongside the central bank, are exploring blockchain’s potential, including central bank digital currency (CBDC).

The country is also investigating blockchain applications for digital IDs, job applications, music industry innovations, security, and healthcare. Meanwhile, Vietnam has launched a digital innovation portal as part of its national digital transformation strategy. The portal allows innovators to submit proposals easily without extensive paperwork, with the Ministry of Information and Communications (MIC) reviewing and providing feedback online. Deputy Minister Pham Duc Long described the portal as a catalyst for entrepreneurship, innovation, productivity, and efficiency enhancement. Within 24 hours of the portal’s launch, it received 100 proposals across sectors like finance, commerce, healthcare, education, postal services, and logistics, with 60 under legality review. Promising solutions with clear applications will be eligible for government funding. However, industry stakeholders call for transparent evaluation criteria to ensure fairness. A government official characterized the portal as a strategic link between the government and the tech business community, marking a significant step toward digitization. Vietnam aims to become a regional leader in digitization, leveraging emerging technologies like blockchain. The country applies blockchain to authenticate its $3 trillion halal food industry and is intensifying investments in blockchain and AI, particularly in Ho Chi Minh City. Nationally, AI adoption is expanding rapidly, and efforts to build semiconductor manufacturing capacity are underway. Watch Tech of Tomorrow: Exploring how technology shapes the future.