Blockchain technology has dazzled many industries till now. The newest addition to the blockchain era is the retirement and pension planning industry. In the United States alone, the retirement industry is estimated to hold pension assets worth of $36 trillion. Despite the huge holdings they have to deal with, this industry still functions via the use of excel sheets and other traditional database systems.

There are several aspects of the blockchain technology that the retirement and pension planning industry can capitalise on. Some of these include:

1. Security: Retirement and pension planning is a thing for the future. Often the pension account holders will be required to submit their details by going to the office in-person. They can submit their personal details to be recorded in the ledger. With the application of blockchain and cryptography, the beneficiaries can be rest assured that their data is highly secure in digital accounting systems.

2. Ease of transactions: Since all transactions relating to blockchain technology are digital, it becomes highly feasible to exchange money in the form of cryptocurrency, anytime and anywhere.

3. Transparency: The data is secured in electronic ledgers. This reduces the chances of corruption, fraud and misinterpretation. The data uploaded is available to all the entities at any given time and date.

4. Immutability: Since pension funds are created with future returns and long-term security in mind, there is a lot of fluctuation and instability involved. Blockchain technology (especially ethereum-based tech) will offer immutability and stability for long periods of time. No tamperings will take place.

How a startup is planning to transform the retirement industry:

Auctus, an exciting startup is focusing on building the retirement industry on cryptocurrency assets. Auctus aims to combine the latest developments in the digital money and analytics landscape with human advisors to revolutionise the marketplace. Auctus allows its users to create customised retirement portfolios through Ethereum and its immutable ledger. It utilises traditional assets and cryptocurrencies to eliminate all the middle men in the pension planning process.

Source: https://icodrops.com/pre/auctus-pre-sale/

Auctus CTO, Danial Duarte quoted, ‘After having entered personal data (such as age, wage, personal circumstances, etc.), as well as having chosen a risk profile based on the user’s investment experience, the user can make various decisions. These include a choice of template portfolio versus individual portfolios. Template portfolios are standardized portfolios with similar risk metrics to traditional retirement plans and only a low amount of cryptocurrencies. Individual portfolios are very flexible and have higher risk. This is more suitable for experienced savers, or savers with cryptocurrency experience. Some cryptocurrency investors have never held traditional assets.”

Through a well distributed platform and use of electronic data assets, Auctus aims to eliminate the main issues(lack of transparency, fraud, data management, hidden costs etc) of the huge pension planning industry. Auctus’ operations will ultimately lead to better returns and quicker achievements of pension related targets.