Blockchain: a British pension insurer uses Amazon Service News

The British insurer, announced Legal & General, to use a Blockchain System from Amazon for the handling of occupational pensions. In order for the insurance of the house creates a use case for the Blockchain technology in the booming market of insurance of pension benefits.

Brigitte Bernhardt
12. June 2019BTC$8.137,00 of 4.25% part Facebook Twitter LinkedIn xing mail

insurance companies and banks show for some time great interest in Distributed Ledger technology (DLT). A lot is to read about the high potential of the cryptographic encryption and immutable stored data. A concrete use case for the British financial firm recently presented Legal & General in the area of occupational pensions. It uses a Blockchain-System of Amazon Web Services. This is from a report by Reuters from 12. June.

Amazon offers with Amazon Managed Blockchain a Service for the creation and management of scalable Blockchain networks through the use of Open-Source Frameworks to Hyper Ledger Fabric and Ethereum. With the AWS -Blockchain-templates, customers can create, consequently, their own Blockchain networks and deploy.

Blockchain: security for insurers

Legal & General, one of the largest investment managers in the UK occupational pension systems. As a specialized reinsurer in this field L & G assumes the risk of pension deficits of large companies. The use of a Blockchain system for this so-called pension risk transfer (PRT), announced L & G:

We believe that the DLT is an ideal technology for PRT-businesses, because the different parties can exchange data with each other. You can sign the data digitally and cryptographically, and over any period of time understand. Finally, they are stored in consecutive blocks in the Blockchain.

The insurance house has developed and tested the platform over a period of 18 months. According to his own statements, the feedback from the customers are very positive. This would be mainly due to the simplicity and clarity of the underlying Smart Contracts and the Verifiability over any period of time.

L & G wants to use the Blockchain technology for the operation of pensions is currently only outside of its core markets, the UK and the USA. A spokesman from L & G stated, however, that the platform could be extended in the future to these two markets.

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