The pension Fund of Russia will implement smart contracts to track information on contracts of employment between employers and employees. About it write “news” with reference to the press service of the FIU.

To do this, the end of the year will be prepared by the blockchain-an initiative which will bring together all the information system of the FIU.

It is expected that the introduction of technology distributed registry (DLT) will allow the FIU to reduce the cost of data storage and will protect the residents from fraud by employers when making employment contracts.

Note, according to the Federal service for labour and employment in 2017 have been filed about 465 thousand appeals from citizens on violations of labour rights.

“The digital platform of the FIU should, on the one hand, significantly reduce the transaction costs of the Fund, and on the other to ensure the proactive development in the context of digitalization of the Russian economy”, — said the representative office.

The exact date of the introduction of DLT technology and smart-contracts system of the RPF is unknown. However, the press service said that the digitization process will be gradual.

ForkLog previously reported that the transition of the FIU on the blockchain would abandon raising the retirement age.