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Blockchain manages pensions and corporate transactions from Amazon

2019-06-12 09:44 am | Resource: News Section | No Views : 113

Blockchain manages pensions and corporate transactions from Amazon Many companies aim to develop different partnerships to develop blockchain in general, to suit the nature of their business depending on the type of business.
Amazon, the online retail giant, has partnered with the UK-based legal & general insurance firm to create a block-chain system to manage corporate pension transactions, according to a Reuters report. On Tuesday, June 11.
Legal & General will benefit from Amazon's block chain for its annual transactions, which occur when companies transfer their retirement plans to Legal & General Insurance.
According to an article published in the Financial Times, companies conduct large annual transactions for such insurance companies so that they are ultimately not responsible for paying their employees' pensions personally.
Chief Executive Officer of the Legal and Public Reinsurance Company, Thomas Olonloyo, commented on how appropriate the blockchain solution is given in view of the length of annual premiums:
"It is permitted to sign and record data and transactions permanently and securely over the life of these contracts, which can extend for more than 50 years."
Amazon released its managed chain block chain service in April this year through Amazon Web Services.
This blockchain-as-a-service (BaaS) tool enables users to create and maintain a block chain on Etherhereum and Hyperledger networks more easily by automating certain aspects of block chain management.
According to Rahul Pathak, General Manager of Amazon Managed Blockchain, "The service is concerned with contract provision, network creation, certification management and security, and network expansion."
In February of this year, the growing development of block chain digital identity platforms began across the banking and corporate sectors around the world. This technology, although still at an early stage, has gained the confidence of many Investors, corporations and governments as well.
For its part, many governments have recently been conducting research on this technology, with the aim of making full use of blockchain technology that seems to be the natural evolution of the Internet as described by some.

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