Legal & General, a United Kingdon based multinational financial services company has recently announced that it will be using Amazon Web Services (AWS) to launch what it describes as the first blockchain system for bulk pension deals.
The company plans to use AWS to manage blockchain system to manage and record bulk annuities for its insurance business, bulk annuities are defined benefit pension schemes sold by companies to insurers.
This service will be available for Legal & General’s bulk annuity business outside of United States and The United States initially and will be expanded to include those markets in the future.
According to Thomas Olunloyo, CEO of Legal & Generel Reinsurance, blockchain technology suites the long-term nature of annuities as contracts can last over 50 years.
Blockchain is the perfect technology to be used in such a product, the technology allows the related data and transactions to be signed, recorded and maintained in a permanent and secure manner over the contracts lifetime.
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