Auctus is a blockchain based technology that aims at disrupting the pension industry. The Auctus project was created with the mission of improved the pension market by eliminating common problems such as corruption, bribery, bureaucracy, corporate governance issues as well in lowering the operational cost in the pension industry. The project also aims at increasing transparency in the industry. The project is currently building a pension platform which enables pension funds around the world in a bid to improve operations and cut operational costs. Auctus uses smart contracts and Ethernet blockchain to provide total security, transparency, immutability an automated process.
How does Auctus work?
Auctus uses some of its features to ensure full compliance and transparency to the fund’s rules. It uses the smart contract to allow calculations for contributions, benefits, employers matching and other features. The other features also include the registration of beneficiaries, selection of investment profiles, profitability between funds and administration fee calculations. Basically, the Auctus project uses the blockchain-based system and smart contracts to replace the entire pension fund management structure.
Apart from smart contracts, Auctus offer the following features ion its platform. It offers:
- No hidden fees
- Fully transparent
- Ongoing monitoring
- Faster processing for benefits
- Flexible and scalable
- Easily audible and compliant.
What issues will Auctus solve?
The aim of Auctus is to create a disruption in the pension fund industry. This disruption is meant to benefit the industry. Some of the problems that Auctus aim to solve include:
The contribution collection process is not standardized, which frequently leads to operational issues. The process helps in keeping records of transfers for smaller pension funds and large pension funds.
We will know that poor governance practices are rampant across the pension industry. Auctus is a system that facilitates control by participants and regulators there for promoting better governance.
No all are aware of the hidden cost involved in the pension fund. Auctus plans to significantly lower a number of net investment returns and makes the process as transparent as possible.
Common fraud in the industry includes misrepresentation, transaction fraud, stealing fund assets and ghost account. Auctus plans to solve these issues.
Auctus is led by lead Developer Felipe Silveira, Raphael Vantroost, Advisory and partnerships, Vinicius Melo, strategy and Gilherme Gusman. The company uses AUC token as its primary token. It also aims to launch a demo of their platform before the end of 2018. The full launch of the Auctus platform launch is meant to happen in QI 2018.