Russia plans to store all employment contracts on blockchain

The Pension Fund of Russia, FIU, aims to use blockchain to store and track employment contracts. By the end of this year, the FUI will submit plans to integrate all FIU systems onto one blockchain.

Cost saving

The FIU has considerable amounts of information on tax deductions, insurance premiums of employees and other employee financial information. Hence it hopes that placing the information on a distributed ledger will drastically lower the cost of storing and servicing large amounts of employee data.

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