Amazon, the e-commerce company that needs no introduction, is partnering with Legal & General, an insurance agency based in the United Kingdom, to build a blockchain network for “corporate pension deals,” reports Reuters.
Legal & General are taking advantage of the blockchain system put in place by Amazon Web Services. The goal is to use this network to handle annuities, pension schemes, and more. Thomas Olunloyo, CEO of Legal & General Reinsurance spoke on the matter:
“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.”
According to the publication, Legal & General is using the blockchain platform for services outside of its main areas of work, the United States and the United Kingdom. However, if things go well here, the group would be more than happy to move the blockchain over to its primary markets.
The General Manager at Amazon Managed Blockchain at Amazon Web Services Rahul Pathak commented on the partnership as well, saying that it offering the blockchain technology means Legal & General can simply “focus on building new business … instead of dealing with the challenges of keeping a blockchain network up and running.”
Amazon Web Services launched its blockchain service earlier this year. The technology is based on Amazon Managed Blockchain, and manages “the opening, management, and scaling of blockchain networks,” we previously reported.
As of now, some companies on the network are AT&T and Nestle, among others. It takes advantage of blockchain systems like Ethereum and HyperLedger Fabric so developers can share their creations with already established platforms.
Users on the platform can create spaces for trading cryptocurrency, building an online trading platform, or much more. Overall, what’s great about this is we’re seeing a mainstream company like Amazon push blockchain to the rest of the world, proving it as a viable use case for all sorts of different scenarios.