Tech conglomerate IBM has joined the Bangladesh Computer Council (BCC), Bangladesh’s IT government agency, in an initiative to build a Distributed Ledger Technology (DLT) digital pension system for teachers, the firm said in a blog post on 12 June.
According to the announcement, the project will aim to bring greater transparency and security to the school teacher pension system in Bangladesh, through a proof-of-concept that leverages blockchain technology. It describes a permissioned network of teachers and stakeholders, powered by the IBM Blockchain Platform, which uploads pension information to the blockchain to ensure tamper-resistant record keeping.
Such a DLT-enabled platform will not only ensure the safety of personal information, such as time of service, salary, and date of birth, but will also ensure that individuals receive correct disbursements.
BCC’s Executive Director, Parthapratim Deb, said in a statement:
“We believe blockchain will increase confidence in the e-pension system by ensuring that payouts are based on accurate and authentic information. Its success will likely encourage other agencies to explore applications for our core blockchain platform, furthering BCC’s mission of transforming governmental digital services.”
The e-pension proof-of-concept is BCC’s first blockchain use case, which was proposed by developers representing the Bangladesh National Digital Architecture (BNDA) team. The team had previously worked on an e-governance framework, aimed at standardizing the delivery of digital services across the country’s government agencies. The team that will work on the e-pension solution will be comprised of BNDA’s original developers, several IBM Blockchain engineers, and an education expert.
This is not the first project in Bangladesh on which IBM will be working. Over the past 12 months, the firm has partnered with both public and private entities in order to modernize Bangladesh’s systems. In September 2019, the country’s Ministry of IT chose IBM as the technology partner who will establish a digital technology research hub in the country’s capital city, Dhaka. Three months later, IBM collaborated with IPDC Finance Limited to launch Bangladesh’s first DLT-based supply chain financing platform known as Orjon.