Amazon introduces blockchain to pensions

Katie McDonaldJune 13, 2019
Amazon introduces blockchain to pensions

British financial services company Legal & General has partnered with Amazon to establish what it says is the first blockchain-backed system for corporate pension deals.

Legal & General will use a managed blockchain system launched by Amazon Web Services for bulk annuities – benefit pension schemes sold by companies to insurers.

The blockchain-based system will initially be released outside of Legal & General’s core markets (Britain and the US).

Legal & General Reinsurance CEO Thomas Olunloyo told Reuters 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.”