today many pensioners still have to work to make ends meet, buried by debts incurred for credit cards, used cars, health care and sometimes, the payments for college educations of their grandchildren. Some retired citizens even lose their homes.
As a result, many of them have to struggle for their finance and suffer from financial shortfalls, trying to survive.
With the emergence of blockchain a lot of possibilities opened, including public sector. But some governments are still bullish on this technology, as far as public services are concerned.
Still, there are a lot of things to privatize and decentralize in pension systems as governments are too bloated and inefficient in many domains. But the blockchain may be a perfect solution for many problems here.
Over the past few decades, the banking industry has been a central focus of attention for regulators, academics and for the general public. Especially the last decade was one of the most banking centric ones when you think about the financial crisis which is happened in 2007-2008.
While people were so focused on problems which had been eventuated by the crisis, the issues of the pension industry have tended to be swept deep under the carpet. The fact is, the pension industry is already in a deep financial crisis and could well be the trigger for another global financial and economic meltdown.
Government's pension system problem is more visible than ever. Almost all around Europe as in other continents, the problem shows itself when the breakdown is thinking about 30-40 years later. Whatever the country name is, the problem gets bigger and bigger every day.
According to the World Economic Forum, the pension gap has already reached a staggering value of more than $70 trillion as of 2015, and is still growing at an alarming rate.
Most visible example maybe Germany. The country’s national statistics office forecasts the country’s population will drop from 82 million today to 77 million by 2030 and as few as 65 million by 2060. Of those, a third will be at least 65 years old and one in seven 80 or over. Even by 2040, the Rentnerquotient, which expresses the relation between the number of retirees and the number of contributors in the German pension system, will have increased from 56 percent to 73 percent.
For most of the countries around the world, the current pension fund structure is outdated, has conflicts of interest and lacks transparency. People just had to believe the system while some of the diplomats trying to solve the problem. People are living longer now, and many pensions aren’t adequately funded to handle this fact. This can cause many retirees to be underfunded. Which will definitely cause health and finance issues for the people who already retired. While a small group of young people working, the majority of the population will be seen as extra weight, just because having most of the money which is already their rights to have. On the other hand, that money won't be enough for them to live their lives.
Conclusion: Financial Crisis.
Akropolis aims to address the pension crisis by building a global infrastructure and a sector-specific blockchain agnostic protocol, in partnership with good industry players.
What Exactly is Akropolis
The Akropolis project is building the largest alternative pensions infrastructure in the world. We are creating decentralized pensions on the blockchain.
Since they are using blockchain technology to solve the problem, transparency is their one of the most important value.
How Does Akropolis Work
While governments and private companies couldn't solve the problem, how come Akropolis is going to solve it, you may think.
Since they are using blockchain technology, their solution is also interesting enough to encourage governments and private companies to take a look at.
Akropolis has 2 layered data system. Which one of it called off-chain and another is on-chain. Both of the datas are stored in the blockchain, but while off-chain is stored in the private database, the on-chain data is going to be stored in public database. In this architecture, while the public database will provide data storage and processing for account-keeping kind of process, the private database will contain corporate and personal pieces of information. This diversity will give the ability to Akropolis platform to apply a cost-effective and secure solution to the problem.
Fund managers invest on behalf of individual and institutional clients, build tokenized assets portfolio, which is distributed to investors. Investors then maintain a global blockchain portfolio which represents pension investments.
In general, Akropolis creates a certain bridge between pensioners and investment funds. The pensioners assets are properly regulated by professional investors and this provides stability for the future pensions finance.
Akropolis system will have five agents that participate in interaction on the platform; Individual User, Pension Funds, Fund Managers, Asset Tokeniser and Developers.
Individual users will have the access to free and premium services.
Fund Managers will have the access to new clients and new sources of capital.
Institutional users will have the access to data, services, and capabilities.
And developer community will have the access to ecosystem development tools and opportunities.
Applying blockchain technology to a worldwide problem is known fact. But applying it to a problem which affects human life level is very important.
Akropolis is a promising project. Their first focus is making agreements with the necessary companies to have more brains in the team. So that using statistical data and implementing it to the countries will be easier.
Institutional partnerships with award-winning global organizations to be announced soon, which means that exciting times are coming for this project, as team tries to make partnerships that will raise the whole project to a higher level.
Akropolis team looks promising. Their backgrounds are really good. I would encourage you to take a look at their Linkedin profiles.
What Are ICO Details
Token type: ERC20
ICO Token Price: 1 AKT = 0.0690 USD
Fundraising Goal: 25,000,000 USD
Total Tokens: 900,000,000
Available for Token Sale: 40%
Before us is a project with the necessary product for the whole world. The scale is very large, they can make a revolution in this sector and bring the pension system to a new level.
I think that the project has very great prospects, the more I see many advantages. The demand for tokens from institutional and ordinary investors will be very high.
So I decided to participate in this project, but what do you think? Leave your comments please and share your opinion.