Amazon Signs Deal With Legal And General For A Blockchain Pension System

Updated : 2019-06-12T18:14:00

Amazon Web Services’ blockchain service, dubbed Amazon Managed Blockchain, has so far brought onboard some major companies — including AT&T, Nestlé, and Singapore Exchange Limited. Next on the list of big names is the London-based insurance company Legal and General.

Legal and General would be using Amazon’s blockchain service to put into motion the world’s first blockchain managed corporate pension system. The blockchain system would handle bulk annuities for the insurance firm, including “taking over companies’ defined benefit or final salary pension schemes.”