British insurer Legal & General has teamed up with Amazon to establish what it s...
FILE PHOTO: Attendees at Amazon.com Inc annual cloud computing conference walk past the Amazon Web Services logo in Las Vegas, Nevada, U.S., November 30, 2017. REUTERS/Salvador Rodriguez
The insurer said it would use a managed blockchain system launched by Amazon Web Services to handle bulk annuities, which involve Legal & General taking over companies’ defined benefit or final salary pension schemes. Blockchain was originally conceived 10 years ago as the basis for the cryptocurrency bitcoin. It is a shared database that can securely process and settle transactions without the need for third-party checks.
But few projects have been deployed at any scale so far, as questions remain over regulation, reliability and cost.
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