How Can The Increasingly Popular "blockchain" Be Applied In The Field Of Pension Finance?

Through inspections of more than a dozen elderly care institutions in the past two years, combined with the pension financial issues that people are generally concerned about, we used the principles of blockchain to conduct analysis and raised some interesting topics. Jobs in the elderly care field can be said to be the most niche and even the most demanding. Therefore, elderly care institutions that are accustomed to extensive management often fall into the dilemma of "institutional elderly care is laborious but not profitable." However, those high-end elderly care institutions make it impossible for ordinary middle class people to make money. Class families feel out of reach, which places high demands on the development of pension finance. Judging from the current technological development, blockchain finance may bring opportunities to deepen pension finance. The top priority is to integrate the resources of the state, institutions, individuals and families to promote the in-depth development of pension finance.

The significance of blockchain technology tracking for the financial field

Blockchain technology may allow us to gain a new way of thinking about the basic attributes of the real economy and the market. It is a technology that may fundamentally change the attributes of Internet finance. Swann said in "Blockchain: A Blueprint and Introduction to the New Economy": "Blockchain tracking means being able to count the contributions of all participants to the system, no matter how small the level, regardless of whether it needs to rise to the macro level. At all levels All can be evaluated and summarized seamlessly and automatically, because in some social value systems, it is completely impossible to clearly track user contributions. For example, its software code can be tracked at any time, which is important because all economics in the system Rational participants (such as humans) need to evaluate their contributions and then reward remuneration, reputation, status or other rewards based on their contributions." This clarifies the fundamentals of big data integrated with blockchain technology and previous big data analysis The difference is that the big data integrated with blockchain technology is generated interactively by all economic entities in the system and is privately controlled by individuals. Keys can be rewarded based on personal contributions; while big data analysis in the past was based on data within a single industry, often with the passive participation of individuals. Personal privacy is difficult to protect, and there are no clear rewards for personal contributions. The Internet of Value based on blockchain technology is revolutionary. “In the future, automated markets may support limit order trading and programmed trading to achieve resource allocation in the real world.” “In the future, an asset that can run automatically and have its own property rights may think of it as a vehicle with its own property rights. Property rights, cars that can drive themselves. Autonomous assets can automatically connect to the Internet to obtain information to assess dynamics, and then hire themselves as the ability to trade based on their own needs, just like Uber is doing now, looking for potential customers, based on changes in oil prices Hedging their own planning and eventually automatically retiring at the end of their useful life – simply put, being able to complete all aspects of autonomous operations.”

To sum up, we base the application of blockchain technology in the financial field on the tracking and recording of personal (individual or corporate) financial behavior, financial quality, assets, and credit generation processes, thereby promoting financial innovation to become more personalized and refined. direction development. The in-depth development of self-management methods has fundamentally changed the financial industry's past characteristics of relying on information asymmetry to make money, extensive operations, and the pursuit of huge profits. The following research attempts to illustrate that blockchain financial applications developed after integrating big data will greatly promote innovation in the field of pension finance.

Income, wealth, survival value and pension finance

Participants in pension finance include individuals, families, elderly care institutions, financial institutions, social welfare institutions and the state. Our point of view is that only by paying attention to individuals’ real needs and feelings in retirement, paying attention to the accumulation and inheritance of personal wealth, and paying attention to the realization of personal survival goals during retirement can the characteristics and essence of pensions be reflected. Finance is explained clearly, which is the fundamental reason why we want to introduce new blockchain technology into pension finance.

The satisfaction of individuals' real needs and feelings in retirement behavior is what Fisher said at the beginning of "The Theory of Interests": "Income is a series of events" and "A person's income has three consecutive stages: enjoyment of income or spiritual income". Consists of satisfying feelings or experiences; actual income, measured by living expenses; and monetary income, which is the money a person receives to pay for living expenses. As the saying goes, the elderly should be coaxed like children, This shows that the old man's behavior is "willful". Of course, the elderly are not children after all. They are still rational individuals with different historical experiences and rational understandings. This requires elderly care institutions and financial institutions to describe and distinguish in detail the various thoughts, behaviors, and habits of the elderly in order to When the elderly consume products provided by pension institutions and financial institutions, they can be paid with limited currencies (including the “pension coins” proposed in this article) to maximize utility.

Generally speaking, the elderly in the retirement stage no longer create and accumulate wealth, but mainly use the wealth created and accumulated in the past to generate income during retirement to meet their real needs and feelings. Based on the influence of China's thousand-year cultural heritage, the wealth created and accumulated by the elderly in the past was often not all used for their own retirement life. Instead, they always wanted to leave part of it for their children or family members to inherit the wealth. Although the vast majority of the elderly still need to take care of themselves at home and prefer to take care of themselves at home, with the widespread emergence of "421" and even "8421" families, the human cost of home care for the elderly has increased. Objectively, it is difficult for the younger generation to afford family care. Support burden. Since the degree of personal wealth accumulation varies greatly, and everyone has expectations of wealth inheritance, objectively speaking, most families are likely to use more of the wealth accumulated by the older generation for retirement in the next ten years. This determines that the complexity of China's pension finance is even greater than that of pension finance in Western developed countries.

Although an individual's life will eventually end, as long as he is still alive, the survival goals of the elderly care individual during retirement are also diverse. As life expectancy continues to increase, retirement time may even exceed people's working time. "People not only pursue the satisfaction of desires, but also yearn for rich and colorful life experiences." "Once a goal is determined, it has undoubted value and is inseparable from personal life." "Once you are in a certain situation, at this moment, achieving the goal It becomes the meaning of survival. What's more, society provides a steady stream of motivation, whether it is a game or a stage of life. Of course, there are also people who advocate the artistic conception of "picking chrysanthemums under the eastern fence, and leisurely seeing the southern mountains". Knight's Economists' rare literary sentences are used to explain people's needs during retirement. Goals, behaviors and values ​​are appropriate. People will not wait for death when they are old. Especially the middle class who have accumulated a certain amount of wealth yearn for variety. Colorful old age life. Judging from the trends in developed countries and China, many elderly people are no longer satisfied with simple survival, but have gradually improved the quality of their retirement life. They pay attention to personalized services and the protection of personal privacy and personal freedom. , pursue spiritual happiness more, pursue new knowledge and new enjoyment, be more proactive in close contact with the real society, in short, pay more attention to realizing the value of survival in old age. These are important factors that pension institutions and financial institutions need to consider, and they are also the most important. Where there is the potential to generate economic profits, this is where blockchain technology can shine.

It can be seen that the complexity of individual elderly care behaviors determines that elderly care institutions and financial institutions must be refined when designing products, and the traceability, non-tampering, and full-process recording characteristics of blockchain technology are very important for refinement. personal behavior. Chemistry research offers possibilities. Blockchain technology integrates big data from all relevant aspects, helping to analyze and classify individuals' thoughts, historical experiences, behavioral habits, wealth inheritance status, survival goals and wishes, etc., and provides convenience for elderly care institutions and financial institutions. High-quality products are designed to meet the real needs and feelings of individual elderly people, making them feel "good value for money" or even "great value for money." At the same time, relevant national institutions can also use these data analysis to gradually strengthen refined operations in the establishment and scale design of elderly care institutions, the investment and use of social security funds, and the accurate payment of pensions. These will greatly promote the development of pension institutions in different aspects. the development of pension finance.

We believe that when talking about pension economics and pension finance issues, we need to adhere to Becker’s economic analysis of human behavior and bring all relevant subjects involved into the perspective of economic analysis: First, the government cannot Treat it like welfare benefits. in the past. The market, pension institutions, and financial institutions are also trying to find ways to take advantage of the limited "benefits" that the government can provide. In fact, the use of short-term behaviors is unsustainable; the second is to broaden the scope of personal care behaviors and let people start from their teenage years. I began to pay attention to the elderly care industry, and at the same time, I made various preparations for myself and my family’s elderly care. The focus is on participating in pension finance; third, pension care should be regarded as an important industry that drives the in-depth development of medical health, cultural tourism and even the entire financial industry. Elderly care cannot be viewed as a welfare undertaking that simply consumes social resources.

Due to the lack of overall economic analysis and in-depth understanding of the economic behavior of various entities in the industrial chain, there is insufficient utilization of social-related resources. As a result, everyone can see that the elderly care industry will have huge space for at least the next 20 years, but there has not yet been an embarrassing situation where not many powerful capitals are willing to enter. Difficulties in capital entry have resulted in an apparent scarcity of elderly care institutions and their services. If the development bottleneck problem is not resolved, a serious imbalance between supply and demand will inevitably occur in the next ten years. To get rid of this embarrassing and contradictory situation, we must have new ideas in pension finance. With the continuous application of blockchain technology in the economic and financial fields, it may help to open up the resources and information segmentation in all aspects of pension finance, and promote the whole society's attention and cultivation of the pension industry. method. In particular, it can promote the synergy of social security funds, housing provident funds, commercial insurance, pension industry funds, etc., promote the formation of industrial integration such as medical and pension integration, tourism and cultural integration and pensions, as well as the integration of real estate and pensions.

Blockchain lays foundation for pension finance

As the average life span continues to increase, people who want a higher quality of retirement life must arrange pension financing at least 20 years in advance. In other words, these people who are destined to seek help from public resources must let financial institutions know almost all aspects of themselves and their families 20 years in advance. Consciously build your own life profile. The more data you contribute on the blockchain, the more point rewards (pension coins) you accumulate for the data itself. Since it provides financial institutions with credible evidence that it lasts for more than 20 years and remains in good shape in all aspects, credit accumulation is likely to be better (this has a multiplier effect on pension coins).

The entire process is recorded on the blockchain, which is conducive to the refined operations of financial institutions. Financial institutions will track the health status of you and your family, your assets and liabilities, your consumption behavior and transportation behavior, and adjust your life insurance premiums and car insurance premiums in a timely manner to reduce or increase your consumer loan costs. They will also go to great lengths to develop financial plans for your children's education and growth, as well as your charitable and family trusts.

Recording the entire process on the blockchain is also conducive to the segmentation of the elderly care group. People with different family backgrounds, educational backgrounds, social experiences, as well as different consumption behaviors and asset and liability status will inevitably have different requirements and expectations for retirement methods. For example, intellectuals are generally not gregarious, like to discuss academic or political issues, and like to have time to read or write quietly every day; veterans generally like group life, have more energy, and like to have time to exercise and do some manual labor every day; cadres I I like to organize activities and hold meetings, and constantly demonstrate my leadership and speaking skills.

Why use encrypted data? First, you hold the private key, which protects your privacy and prevents financial institutions or people with ulterior motives from obtaining data. Second, it is unchangeable, preventing individuals from colluding with insiders of financial institutions to arbitrarily lower premiums, lower interest rates and other fraudulent behaviors; third, it is traceable, allowing nursing home institutions to better understand your past behavior and habits in order to provide more targeted services. Pension planning and care planning.

Blockchain records of family conditions and housing ownership will also help promote "housing for retirement" financial products, which can take many forms, such as sale-leaseback and unified rental after ownership. It will also prevent children from selling their homes without permission. Or due to house rental disputes.

Blockchain provides possibilities for refined operations of pension finance

Blockchain effectively integrates big data related to personal elderly care behaviors and conducts detailed analysis of elderly care groups, consumption habits, and behavioral habits in different regions, which helps financial institutions make more accurate investments in elderly care institutions. For example, the planning of retirement communities, the size of beds and rooms, the model of integrating medical care and nursing care, and even the distribution of departments in retirement hospitals, the arrangement and training of nursing staff, etc.

Changes in climate conditions, different consumption behaviors and asset status in different regions have put forward refined requirements for the care and attention of the elderly, and also provided new pension finance such as migratory bird-style pension, RV travel-style pension and even yachts. Immigrant pension. Development opportunities. In order to make institutions investing in these new elderly care models more accurate and effective, it is necessary to use blockchain technology to establish interactive mobile platforms to track the operating status of investment projects, activity scenes of elderly care groups, etc. in a timely manner, enhance the on-site feel of the projects, and attract more people. Investment and participation of older adults.

The precise allocation of subsidies for state pensions and elderly care institutions must also provide precise support for pension finance. The big data used in these fields cannot be changed at will like the poverty alleviation county and poverty alleviation population data in previous years. Subsidies to pension institutions and pension financial institutions should also use blockchain technology to implement targeted tracking, and "pension coins" can also be used to implement rewards.

Pension finance and national economic development and reform cooperation

Blockchain records houses and people. An important pillar of pension finance is publicly owned real estate. Blockchain records further enhance the transparency and convenience of real estate transactions, facilitate the implementation of the national real estate destocking strategy, and allow the selection of areas that are conducive to the retirement population. We will work with communities with a real estate glut to destock, which will greatly expand the assets available to senior living facilities.

The blockchain records the "things" of the company's growth process. The steady growth process of listed companies coupled with effective information disclosure will enhance the confidence of investors and financial markets, thereby helping to increase residents' investment returns. At present, the continuous entry of social security funds, enterprise annuities, and insurance funds into the market is taking shape. Of course, investor income is also an important component of public pension finances. U.S. pension funds are an important cornerstone of long-term stability in financial markets.

"Blockchain government" completely changes the way the government does things, proving that "your mother is your mother." The changes that "blockchain government" will bring are all-round and are likely to promote the reduction of operating costs of various social structures throughout society. Therefore, the integration cost of the elderly care industry will be reduced, the elderly care community will be more dynamic, and the elderly care institutions will inject various new forces to stimulate the growth of self-reliance, thereby promoting diversified and innovative finance in elderly care. Charitable pensions and family trusts are also expected to emerge. Explosive growth.

Some preliminary ideas on launching “pension coins”

Based on the above theoretical explanation, we put forward several ideas to encourage elderly care institutions and financial institutions to launch “senior care coins”. If the implementation goes smoothly, a trading market for “pension coins” may be formed in a few years. People holding "senior care coins" are not only an honorary proof of their contribution to the country and the elderly care industry, but also can purchase elderly care services for themselves and their relatives and friends anytime and anywhere.

The initial phase

People who are willing to "own a house for retirement" can register their property status on the blockchain at a nursing home or financial institution (banks, insurance, and trusts can all carry out this business), and the institution will allocate value or rent on a monthly basis based on the property. price. “Retirement coins” (whose equivalent financial value is also recorded on the blockchain) are used to purchase various services such as food and accommodation, nursing care, medical treatment, and travel during retirement. During this period, the institution rents out the property to generate income, which can be terminated at any time according to the elder's wishes, or at the end of the elder's life. After termination, liquidation will be carried out and the total value of monthly real estate income recorded on the blockchain will be deducted from the total value of the "pension coins", and the balance can be inherited by the descendants of the elderly.

Elderly care institutions can increase the issuance and rewards of "senior care coins" to those who purchase new elderly care services that they encourage (such as RV travel, combined medical and nursing products); for those who purchase services in advance, they can also increase the "senior care coins" for those who purchase services in advance. Issuance and rewards of “coins”. Incentive intensity. Elderly care institutions and related enterprises in the medical, tourism, financial and other industries can form strategic alliances to promote the issuance and consumption of "senior care coins".

The corporate annuities of some companies can be replaced by “pension coins” jointly issued by pension institutions and financial institutions, especially companies that implement employee stock ownership. Employee stockholdings can be exchanged for "pension coins" within a certain period, and the company or other employees can buy back their shares.

Popularization stage

Teenagers and the general public can receive a small amount of "senior care coins" every time they volunteer in a nursing home. However, due to the large number of people, it can effectively promote the issuance of “pension coins”.

When young people with financial ability donate to an elderly care institution, a certain number of "senior care coins" can be issued to them according to the amount of the donation, or "senior care coins" can be issued to the person they designate.

When you are young, you can plan your retirement in advance and buy life insurance. Insurance institutions can issue you a certain number of "pension coins" based on your academic qualifications, family situation, health status, the amount of life insurance purchased, etc. This is in addition to life insurance. It is incentive in nature and is not mutually exclusive with life insurance coverage conditions. Other financial institutions can also cooperate with elderly care institutions to launch "senior care coins" with similar functions.

mature stage

Once the reputation of a nursing home institution is recognized by the public to a certain extent and it obtains a performance guarantee from a financial institution, it can issue a large number of its own "pension coins" to raise funds for the nursing home institution. Construction of senior care infrastructure; “Senior Care Coins” purchased by the public can be used to purchase services provided by senior care institutions. After the "pension coin" market is formed, it can also be used to exchange for "pension coins" issued by other institutions.

The state issues a certain number of "pension coins" to every member of society over the age of 65 every year. This amount is mainly calculated based on tax payments, military service, some significant contributions to the country, and the serious shortage of pensions between provinces. This kind of "senior care coin" can be used to purchase the services of all elderly care institutions, including community care, home care, etc., reflecting the country's fairness to all citizens and rewards for those who contribute to the elderly care industry. nation. At the same time, this kind of "pension currency" has the function of stabilizing the market value of the "pension currency" and balancing the value of the "pension coins" of various institutions.

The biggest problem is circulation. When will it reach the point where it can be circulated? The operational level must be carefully considered. First of all, with the support of national policies or at least the acquiescence, strategic cooperation between well-known elderly care institutions and financial institutions is needed, because the cornerstone of the reputation of "pension coins" is the quality of elderly care services. The quality of elderly care services provided by elderly care institutions, to a large extent Depends on the depth and breadth of pension financial services. In the final analysis, it still relies on the active cooperation of financial institutions. In fact, when "senior care coins" are implemented and fully circulated, it will certainly promote a mutually beneficial and win-win mechanism between elderly care institutions and financial institutions to a large extent. The most important thing is that "pension currency" will stimulate the enthusiasm of various entities in the whole society to participate in elderly care services and pension finance, and fundamentally stimulate the formation of a good atmosphere of "filial piety" and "benevolence" and the "kindness" of the whole society.

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