The super industry is ripe for blockchain adoption

The superannuation industry needs to lean into distributed ledger technology (DLT) as it will deliver significant cost savings to members, according to digital transformation consultancy, Novigi.

Speaking at an international business review webinar, Ash Priest, Novigi managing partner, said there was a growing trend for interoperable and open data sharing between super funds and third parties which could be solved with interoperable DLT solutions.

DLT, also known as blockchain technology, refers to the technological infrastructure allowing unalterable sharing of data while interoperability is the ability for dissimilar blockchain technologies to connect to each other.

He said the trend would also be accelerated by the incoming adoption by super funds of the Consumer Data Right system, following its integration into the banking sector.

The opt-in system would create a framework of data sharing between super funds, consumers and accredited data recipients.

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Source: The super industry is ripe for blockchain adoption | Super Review