Online retail giant Amazon has partnered with United Kingdom-based insurance bureau Legal & General to make a blockchain method for handling corporate retirement deals, based on some report by Reuters on June 11.
Legal & General will allegedly take advantage of this Amazon Managed Blockchain because of its majority mortgage trades, which occur when firms move their retirement plans to Legal & General for insurance.
Based on an article from the Financial Times, businesses make majority mortgage trades to insurers such as this so they aren’t ultimately responsible for paying their workers’ pensions.
CEO of Legal & General Reinsurance Thomas Olunloyo commented on the way the blockchain alternative is fitting given the longevity of annuities:
“… it permits transactions and data to be signed, listed and preserved in a permanent and protected nature within the lifetime of those contracts, which may span over 50 years”
As mentioned previously by Cointelegraph, Amazon introduced its handled blockchain support in April by its subsidiary Amazon Web Services. This blockchain-as-a-service (BaaS) enables users to easily create and keep blockchains on the Ethereum and Hyperledger networks by automating specific elements of blockchain administration.
Based on Rahul Pathak, the general director of Amazon Managed Blockchain, the agency”… manages provisioning nodes, preparing the network, handling security and certificates, and scaling the community”.