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Legal & General and Amazon partner to develop Blockchain based Pension System

June 12, 2019 | Cryptocurrency | Technology

Legal & General partners with Amazon for creating a blockchain based system for pension deals, as per a news report. Legal & General is an insurance agency based in the United Kingdom and wants to develop a system that will manage corporate pension deals.

 

Legal & General intends to use Amazon Managed Blockchain, which will manage its bulk annuity transactions. These annuity transactions take place when companies get their pension schemes transferred to Legal & General for insurance. The bulk annuity transactions are made by the companies so that they do not have to bear the responsibility of paying pension personally to their employees.

 

Thomas Olunloyo,  CEO of Legal & General Reinsurance, stated that blockchain technology validates the data and transactions. Moreover, the data is stored and maintained permanently in a secure environment. Amazon managed blockchain service was released in April, and the service enables users to easily create blockchains through an automated process. The service includes the provision of nodes, certificate management, network setup, scalability, and security aspects.

 

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