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Legal & General has partnered with Amazon to leverage its blockchain technology for pension dealings

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Updated:
  • Amazon’s blockchain technology is going to be utiltized by Legal & General for pension deals.
  • Legal & General will are set to leverage the Amazon Managed Blockchain for its bulk annuity transactions.

 

Online retail giant Amazon has partnered with Legal & General, United Kingdom-based insurance agency for the creation of a blockchain system. It will be used for managing corporate pension deals, according to reports by Reuters.

The insurance giant, Legal & General will reportedly leverage the Amazon Managed Blockchain for its bulk annuity transactions. A process for when companies transfer their pension schemes to Legal & General for insurance.

CEO of Legal & General Reinsurance Thomas Olunloyo commented on how a blockchain solution is a fit for the company:

 it allows data and transactions to be signed, recorded and maintained in a permanent and secure nature over the lifetime of these contracts, which can span over 50 years.

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