UK insurer teams up with Amazon to use blockchain for pension deals

UK-based insurance agency Legal & General has partnered up with Amazon's blockchain platform to manage corporate pension deals, Reuters writes.

The insurer is going to use Amazon Web Services’ blockchain system to deal with annuity transactions which take place when a company takes over their clients' existing benefit or final salary pension schemes.

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According to Thomas Olunloyo, CEO of Legal & General Reinsurance, blockchain solutions work well with “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.”

The blockchain platform will only be used for businesses outside of the UK and the U.S initially. In the future, Legal & General might expand the platform to its core markets as well.