How could blockchain and Ethereum add value to a traditional pension plan? Is it possible and what are the benefits of it?
What it does
Our project is a fully decentralized webapp (no backend!) and a smart contract on the testnet featuring the payment process for a pension plan. The frontend offers a payment plan with customizable options based on the smart contract. With a random "death oracle" it simulates with accelerated time how pensions would work in real life.
How we built it
Challenges we ran into
Actuarial mathematics is cumbersome on an integer only system like the EVM.
Accomplishments that we're proud of
We implemented a working algorithm that calculates the present value of future pay outs and build a fully functional webapp. That's how traditional retirement products calculate their premiums.
What we learned
So many things!
What's next for Transit - Pension Plan
We would like to dive deeper into the issue of pension plans on blockchain and start a real world experiment (one "real" week equals simulated "two" years) with 300 participants.
We would like to apply to the Consensys Social Impact Challenge