Amazon, the E-commerce mammoth is going to launch a Blockchain Pension Management System. It has teamed up with UK’s insurance firm Legal & General. As the name suggests the system will manage the pension-related transactions of retired corporate employees. Amazon Web Services will develop the blockchain platform for the insurance company.
Those corporate entities that have a tie-up with Legal & General, will provide the pension funds to the insurance firm. From here, the agency will make use of its blockchain system to roll out the pension to the beneficiaries.
According to the CEO of the insurance firm, the blockchain system will be a secure interface that will record all the transactions. The system can maintain the record for as long as 50 years.
Blockchain is gradually making its way into various domains. It is expanding into the banking systems and production firm’s supply chains. Major banks of various countries have already integrated blockchain with their respective products. Now, insurance companies are also seeing great potential in the decentralized platform. So, they are experimenting with and implementing blockchain in their functionality.