UK insurer Legal & General picks Amazon for first pensions blockchain deal British insurer Legal & General has teamed up with Amazon to establish what it said is the first blockchain system for corporate pension deals. The insurer said it would use a managed blockchain system launched by Amazon Web Services (AWS) to handle bulk annuities, which involve Legal & General taking over companies’ defined benefit or final salary pension schemes. Blockchain suits “the long-term nature of annuities business as 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,” Thomas Olunloyo, CEO of Legal & General Reinsurance said. Blockchain was originally conceived 10 years ago as the basis for the cryptocurrency bitcoin. It is a shared database that can securely process and settle transactions without the need for third-party checks. Banks and other financial firms have invested millions of dollars in blockchain systems to cut costs and complexity of unwieldy back- and mid-office processes. But few projects have been deployed at any scale so far, as questions remain over regulation, reliability and cost…https://reut.rs/2MEeuar Advertisements Share this:TweetWhatsAppEmailMorePocketLike this:Like Loading... Related Leave a Reply Cancel reply This site uses Akismet to reduce spam. Learn how your comment data is processed.