Almost every single day of our adult lives, we wake up early to prepare for the jobs that we have and end up sleeping late as we try to fend for ourselves and our families. After toiling for 40+ years, our bodies grow weary and we may want to take a back seat and just enjoy what life has offer during the last phase of our lives. We may still be active but not as much, so we cannot generate as much income as we used to, in fact, we may not be able to generate any at all and that is why pension plans
Strained pension plan system
The whole pension plan idea was good and it still is good but it is becoming strained as the economy gets tougher for all of us. More people are retiring and the money they have been saving up for their retirement needs to be given to them. However, they may not be receiving their dues as fast as they want to, they may not even receive what they deserve to. Pension fund managers have been having it rough with bad investments and bad debts. These wrong choices end up hurting their entire system. Without new people to subscribe to their pension plan, they may never have enough money to fulfill their part of the contract to those who have retired.
More people are retiring as less people get stable employment. Without a stable employment, having a pension plan becomes difficult. The economy is not making it any better. The global recession that was experienced in 2008 is still affecting the world’s economy and subsequently pensions. If the pension systems around the world remain strained, it may lead to another economic disaster as more people retire and less people subscribe to pension plans.
Hope in advanced technology
Even as things look grim for our future, we have systems that are being developed that may help avert this economic problem. Strides are being made in technology that may help create better operational environment for the pension structures. This may involve tweaking the current operational structure but it will be for the advancement of the pension
Blockchain technology may probably be one of the most celebrated technologies in future as it has the potential to make structures and systems run more efficiently. The Akropolis Company is planning to create a pension system that is based on blockchain technology.
Blockchain is a great platform especially where transparency and clear data records are needed like in pension funds. Some of the bad administrative decisions made and the challenges that are there in the different pension structures that we have can be done away with through blockchain technology. Furthermore, blockchain helps create a more secure platform through decentralization. Decentralization spreads the risk of any cyber-attack therefore reducing what may be lost in a cyber-attack.
The Akropolis platform
It will consist of different categories of users depending on their function in the platform. Individual users, pension funds, pension fund managers, developers and asset tokenizers will all be part of the platform. They will come together to come up with different products that will help the pension fund system progress. They will also be the users of these new products together with what Akropolis is offering.
Akropolis will run using a hybrid system during its first years of operation before moving to a fully decentralized system in future. All operations in Akropolis will run through the Ethereum blockchain with plans of making Akropolis an agnostic blockchain platform in place. The Akropolis foundation will be the centralized structure under which all decentralized system will work before the full switch.
Akropolis is designed to fulfill all pension needs of all the parties involved right from the individual users to pension fund managers. It even goes a step further to provide a place where developers can exercise their skills and earn from them. It is also designed to comply with regulations as stipulated by regulatory bodies in the countries in which it will operate in. Flexibility, transparency and accountability will be the defining words of this project in this ever-changing world.
Advantages of Akropolis
There are a lot of benefits of being a user of the Akropolis platform.
For individual users, they stand to gain from selling their user data. The platform will host entities that may require this data and are willing to pay for it; of course this will be done voluntarily.
Users will also benefit from a clear pension system. All the transactions that will be done by the pension fund managers they choose will be at their disposal. They could request for the data at any time.
The platform will be fully transparent in terms of how the pension fund is being utilized.
Most services in the platform will also be incentivized using the Akropolis token system. They will have different users depending on whether they are Akropolis internal or external tokens. Users of the platform may receive this as a reward whenever they accomplish specific tasks in the platforms. It will also be a way through which a different pool of funds can be accessed. It will open up the platform to cryptocurrencies which are a promising trade tool for the future. Cryptocurrencies could help provide the cushion that pension funds need.
For pension fund institutions, the platform will make running these institutions easier. Transparency will help avert crises that usually come about as a result of irregular transactions done by these institutions. With Blockchain creating records, pension funds will have clear records that are immutable. Auditing these institutions will become easier and it will also help eliminate any uncertainties in the platform.
Make a difference now
A trustworthy system such as Akropolis will encourage more people to sign up for their platform and join pension funds thereby helping create a pool of funds that can be used to settle existing liabilities as some are invested wisely for the future.
Prevention is far much better than cure. Akropolis may be the prevention we need as we plan for our retirement. Use the links below on further information on how to get involved in their upcoming ICO.
Official website: https://akropolis.io/
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1958827