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Insurance firm Legal & General adopts Amazon’s blockchain for pension deals

Legal & General, a multinational British insurer, has partnered with Amazon to create a blockchain system for corporate pension deals.

According to Reuters, Legal & General will be using Amazon Web Services’ managed blockchain system to process bulk annuities – benefit pension schemes sold by companies to insurers in a bid to mitigate risks for policy holders.

Thomas Olunloyo, CEO of Legal & General Reinsurance, said blockchain suited “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.”

For now, L&G is releasing the blockchain platform outside its core…

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