Legal & General

It was always going to happen. As the blockchain sector evolves, more companies will start merging into it. And this week, that’s precisely what British insurer Legal & General did.

Yesterday, Legal & General, a multinational British insurer, announced that it’ll be working with Amazon to develop a blockchain system.

Here’s everything we know.

/**/

Legal & General and Amazon: A Blockchain Partnership

On June 11, Reuters said the multinational British insurer is now working with Amazon to create a blockchain system specifically for corporate pension deals. By using Amazon Web Services—this is the Seattle-area’s cloud computing arm—Legal & General will process bulk annuities.

Speaking on the news, Thomas Olunloyo, Chief Executive of the insurer, said blockchain technology suits “the long-term nature of annuities business.” This is because blockchain “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.”

While exciting news, it’s not overly surprising. After all, many have expected the insurance industry to begin working with blockchain technology as other areas of the corporate world have. And while not surprising news, there are important bits of information to mention.

The most important, however, is to note that Legal & General Reinsurance will not be releasing the blockchain platform within its focus market, Britain and the United States. For now—it might release it in these territories later—the platform will be accessed outside Britain and the US.

>> Ubisoft Developing Blockchain-Based Marketplace to Buy In-Game Items

What to Expect

While important news for Legal & General, we still don’t know how its partnership with Amazon will turn out. Recently, when companies begin working with blockchain, the results are not what’s anticipated before making the move. To quote Reuters: “Few projects have been deployed at any scale so far, as questions remain over-regulation, reliability and cost.”

Featured image: PixaBay

/* p > a { text-decoration: none; color:#000 !important; } .crec-ad > p > a:hover { color:#000 !important; text-decoration: underline; } @media(min-width:1228px){ .crec-image img{ width:191px; height:100px; } } @media (max-width: 1228px) { .crec-ad { width: 50%; box-sizing:border-box; } .crec-image img{ width:100%; height:158px; } .crec-ad:last-child { width: 50%; padding-right: 4px; } } @media (max-width: 590px) { .crec-ad { width: 100%; } .crec-image img{ height:auto; } .crec-ad:last-child { width: 100%; padding-right: 4px; } .crec-header h1 { padding-left:20px; } .crec-container { padding-left:20px; padding-right:20px; } }
/*]]>*/

/**/

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin24,393 0.27 % 0.55 % 6.13 %
Ethereum1,952.5 0.67 % 2.01 % 15.31 %
Tether1.001 0.02 % 0.01 % 0.04 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB320.53 0.28 % 1.88 % 1.59 %
Cardano0.5735 0.47 % 1.42 % 11.82 %
XRP0.3823 0.34 % 0.49 % 2.64 %
Binance USD1.003 0.27 % 0.17 % 0.31 %
Solana42.12 0.56 % 2.22 % 3.81 %
Dogecoin0.08124 0.63 % 10.00 % 18.05 %

bitcoin
Bitcoin (BTC) $ 24,349.00
ethereum
Ethereum (ETH) $ 1,943.32
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 319.79
cardano
Cardano (ADA) $ 0.57137
xrp
XRP (XRP) $ 0.381248
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 45.35
dogecoin
Dogecoin (DOGE) $ 0.080974