Re-designing the pension business processes for achieving technology-driven reforms through blockchain adoption: A proposed architecture

Indranil Sarker and Bidisha Datta

Technological Forecasting and Social Change, 2022, vol. 174, issue C

Abstract: High administrative costs and associated operational inefficiencies present multiple challenges for pension industries across different countries. Although blockchain is considered a potential solution for these concerns, the pension industry has not fully leveraged this disruptive technology. This paper provides a blueprint for a blockchain-based end-to-end digital transformation of the pension industry. First, we identified the pre-requisites for blockchain adoption in pension. Then, we developed an architectural design of blockchain-based re-designed pension business processes. Subsequently, we elaborated on how smart contracts can make pension transactions in such redesigned processes optimized, automated, and error-free. Finally, we presented how blockchain can be integrated with the existing pension IT systems, using an API layer, to enable seamless onboarding of all pension participants to a single digital platform – a critical ask for any blockchain implementation. We concluded with an elucidation of the potential of such blockchain-based digital transformation of the pension industry in reducing turnaround time, lowering operating expenses, and facilitating the achievement of other pension reform agendas. This architecture of a blockchain-enabled pension network represents a flexible and scalable knowledge construct that can act as a foundation for further investigations by pension regulators or pension industry participants interested in achieving technology-driven pension operations reforms.

Keywords: Enterprise blockchain; Smart contract; Application programming interface; Digital transformation; Business process re-engineering; Pension reforms (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:174:y:2022:i:c:s0040162521004911

DOI: 10.1016/j.techfore.2021.121059

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