World News: 00:28 GMT Wednesday 12th June 2019. [Yahoo Business News Feed via SPi World News]
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.
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