Pension Math, DLT, & Fractional Bonds

The workers in the informal sector of West Africa often live in remote regions and are at risk of lacking proper identification documentation and bank accounts, as well as are in often need of a pension and other types of social insurance services. 

   What is proposed is the use of digital ledger technology for the creation of identification documentation and the granting of fractional units of government and government agencies bonds to the individuals in most need, in the most remote regions. The grants would be recorded by means of Digital Ledger Technology for the participant's benefit. This creates an incentive to participate in the program as well as an incentive to make use of the financial account: ideally for saving money by means of purchasing more fractional units of the bond.

  Along with this, free online courses are offered in the business applications of pension mathematics. The goal is to illustrate the expected value of contributions to the pension fund.

Workers in the informal economies of West Africa are at risk of not having social insurance. What is proposed is a granting of small fractions of local government bonds in order to create a defined contribution pension. This can be managed on a digital ledger.

 Many of these workers can benefit from understanding the basic pension mathematics in the process of saving for the future. 

Informal economy workers who would directly benefit from the defined contribution pension grants. Along with this, offering free online courses on the mathematics of pension savings and how it can be applied to business is also helpful.

By granting fractions of a unit of local government bonds, a defined contribution pension can be created. By means of distributed ledger technology, the pensions can be managed across borders. 

  With a free online course in pension mathematics and its applications to business, participants can learn the expected values of any contributions to the pension that they may be able to make. This gives literacy to the topic to those who may be unfamiliar with this topic.

It grants fractions of government bonds to migrant farm workers and related professionals, which gives an incentive for the workers to purchase new fractional units. The yield from the bond can be used to pay into a health insurance system. The pension is envisioned to be managed by Distributed Ledger Technology (DLT). The DLT protocol being considered for this application is the IOTA protocol.

  Along with this, a free online course in the business applications of pension mathematics is offered in order to illustrate the expected benefits of contributions to the pension fund.

   In terms of the online course, blockchain technology is envisioned for the maintaining student records.  

  One example of a solution with some of the attributes of this proposal is the subsidized defined contribution plan that was created in New Zealand, the KiwiSaver plan, which was initiated by the national pension system with government contributions.

  In terms of the DLT and pensions, IBM is presently collaborating with Bangladesh for the development of DLT based e-pension for teachers.

Because of a grant, people will have an interest in participating in a program.

By offering free online courses, those in most need can the possible the expected benefit of pension fund contributions as well as apply the basic math to professional business issues.

 Along with this is the proposed use of the Distributed Ledger Technology (DLT). The IOTA system is considered the protocol. The change it can bring is that allows for mobility of the participants and is without fees. It also uses the Unified Identity Protocol (UIP) in order to uphold the privacy of personal identifiable information.

It is using digital ledger technology(DLT) and provides incentives as well free classes in order to encourage contributions to the pension fund. It can be incorporated into the social protection system of West Africa by means of the project's ability to create a private pension account with data managed by the DLT technology. The DLT also assists with service delivery systems in that it is allows for workers to travel across borders with the DLT record keeping technology...essentially the personal data is the property of the participant.

-The management by the digital ledger system

-The online course

-Most of all, the granting of the fractional units of the government bonds

 The digital ledger makes in interoperable. One protocol envisioned is the IOTA system for the digital ledger and the related identification technology. DLT technology essentially gives personal data ownership to the participant and allows workers in the West Africa region to travel across borders as needed.

 The Distributed Ledger Technology can be used for low connectivity. This technology allows the auditing and record keeping of the contributed government bonds with relatively low connectivity. 

   By the use of distributed ledgers, the ledgers are decentralized. This creates less of a need to access one site at one central location, making it easier for locations with low connectivity to function.

It is an idea for a project at this point. In five years, it could serve close to 150,000 people.

To create a global project with this system.

Funding is the main obstacle.

The goal is to overcome this obstacle by applying for grants.

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I have developed a variety of patents in alternative energy and related industries and hope to apply that skill to solve the presented problem.

At the moment, the project has not partnered with any organizations.

The business model is, if this proposal wins, to apply the prize money to fund the pensions by means of a digital ledger.

The project, if successful, will fund itself in terms of participants funding their own pensions after the program is initiated.

The prize money would be sufficient to start the project.

The project is scalable as well as flexible. The prize money would be sufficient to fund the project.

I believe this project is innovative and could be a pilot project for other projects around the world.

I will need specialist in the areas of regulatory compliance because the project is to fund private pension for those at risk of lacking social insurance.

I will also need specialists in the areas of monitoring and development.

The ILO, International Labour Organization.