The leading British insurer, Legal & General company, has entered into a partnership with the Amazon platform to create a corporate management system for insurance deals on the blockchain. It was reported by Reuters.
Amazon Block Web Services blockchain-system will be used to process annuity payments.
According to the CEO of the insurance company, Thomas Olunloyo, blockchain solutions will be especially in demand by the “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”.
At the initial stage, the platform will not be available to American and local companies, but in the future Legal & General may expand the range of services to these markets.
The blockchain technology is increasingly being used by enterprises in the insurance industry. Blockchain can not only improve work efficiency but also maintain it for decades or even centuries. Among the companies that have already taken advantage of the technology in this area are Waterdrop and Tencent. The project, which firms are working on, will monitor the contract and is designed to speed up and secure the insurance market as a whole.
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