A U.K. insurer has turned to Amazon’s services to launch what it claims is the first blockchain system for bulk pension deals.
According to a Reuters report Wednesday, Legal & General, a U.K.based multinational financial services company, has said it will use Amazon Web Services’ (AWS) managed blockchain system to manage and record bulk annuities for its insurance business.
Bulk annuities are defined benefit pensions schemes sold by companies to insurers to mitigate risks to policy holders and to free themselves from the cost burden.
For now, AWS’ blockchain platform will be used for Legal & General’s bulk annuity business outside the U.K. and the U.S., although it may be expanded to include those markets down the road, a spokesperson for the firm told Reuters.
Thomas Olunloyo, CEO of Legal & General Reinsurance, explained that blockchain tech suits the long-term nature of annuities, as contracts can last over 50 years. Blockchain allows the related data and transactions “to be signed, recorded and maintained in a permanent and secure nature over the lifetime of these contracts,” he said.
Insurance is a growing use case for blockchain, with firms in the space increasingly eyeing the tech for its potential transparency and efficiency gains.
In December, U.S. insurance group State Farm launched a trial of a blockchain solution to streamline the manual process of subrogation – the legal right for companies to pursue damages from a third-party responsible for causing a loss to the insured party.
And a group of insurance companies completed a blockchain trial in China this spring that investigatedthe security and traceability features of blockchain, partly as a means to help to solve credibility issues facing insurance firms in the country.
The same month, professional services firm Accenture and Italian insurance group Generali launched a live blockchain solution aimed to streamline Generali’s Employee Benefits Network offerings, including insurance cover for life, disability, accident and healthcare.
AWS’ managed blockchain service came out of preview mode in early May, allowing clients to start using it to build solutions. The firm said at the time the service allows users to create a blockchain network “in minutes,” as well as managing certificates, inviting new members and scaling out peer node capacity to speed up transaction processing.
Walmart China to Track Food Products in Supply Chain Through VeChain’s Blockchain Technology
There are few global corporations which recognized the potential of blockchain technology early on. Walmart is also among them, so no surprise that today it’s ahead of everyone else in the blockchain game. While others are contemplating where and how can they use blockchain to improve things, Walmart has started applying the technology to areas where it matters. The latest example of this came from China, where Walmart is going to utilize the VeChain Thor blockchain technology for tracking food in its supply chain.
An announcement in this regard was done yesterday by VeChain Foundation. The Foundation said in a press release that Walmart China is setting up a new Blockchain Traceability Platform in partnership with VeChain, PricewaterhouseCoopers (PwC), cattle company Inner Mongolia Kerchin and China Chain-Store & Franchise Association (CCFA). The platform has already been announced by Walmart too at a seminar jointly organized with CCFA in Beijing. Walmart China has already released information about 23 product lines it plans to track on the new platform, and in the coming days company also plans to release 100 more. Once released, all these product lines will cover the tracking of more than 10 categories on a blockchain platform for the supply chain of Walmart China. The company said:
“It is expected that the Walmart China’s traceability system will see traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.”
The announcement is a big development for VeChain too, which is one of the 197 companies formally authorized as a registered blockchain service provider by China’s cyberspace administration. Here’s what Mr. Kevin Feng, Chief Operating Officer of VeChain, said regarding the partnership with Walmart China:
“As the world-leading enterprise-public blockchain platform, VeChain aims to empower enterprises in the large-scale digitization process by providing safe and mature blockchain deployment solutions and promote the wide application of blockchain technology. We achieve this while putting forward new insights for the development of the businesses’ ecosystems. The launch of the Blockchain Traceability Platform by Walmart China, the world-class retail giant, is of great significance to the commercial application of blockchain technology. VeChain will work with Walmart China to actively take heed of the call of the government, by utilizing technology to promote the traceability of fresh food, and to provide innovative solutions for the traceability platform through digital technology, so as to generate more transparent and reassuring consumption experience.”
Blockchain can serve as a highly useful resource for Indian e-commerce companies and retailers too. Let’s see when they realize its importance!
Blockchain Life 2019 is coming to Moscow on October 16th to 17th!
The 4th largest international forum on blockchain and cryptocurrencies Blockchain Life 2019 takes place in Moscow on October 16th—17th.
Experts and participants from 70 countries will discuss the fast development of blockchain technology in Russia and the world. All possible ways of making money on cryptocurrencies and innovative start-ups, blockchain implementations and market forecasts will be reviewed at the forum.
Participants and speakers: owners of the international industry leading companies, founders of top cryptocurrencies, government officials and business representatives, investors, developers and everyone who wants to understand the subtleties, establish useful connections and join the global blockchain and cryptocurrency community.
Blockchain Life 2019 is one of the most significant events in the world and the biggest event in Russia and Europe. Every year forum gathers more than 6,000 participants from 70 countries, bringing together industry professionals and the ones who have just started their profitable way in the crypto market.
The price starts from $47, get your Early Bird Ticket online.
Law as an Enabler for Blockchain Adoption in India
Officially endorsed by the Maharashtra Government, Trescon’s 11th edition of World Blockchain Summit assembled India’s key policymakers, government authorities, blockchain experts, enterprises, IT giants and startups to pave the way for India to be the next blockchain epicentre of the world. Vivekdeep Gupta, N.S. Nappinai, Sharat Chandra and Dr. N. Rajendran were some of the top speakers who keynoted the summit.
In a bid to bolster an enterprise-grade blockchain adoption roadmap for businesses and governments in India, the internationally-acclaimed global tech event series World Blockchain Summit, with the support of the Maharashtra Government, gathered over 300 senior professionals from enterprises and government agencies and global blockchain experts to share their deep experience and understanding of how the nation can benefit from the revolutionary technology, at Taj Santacruz, Mumbai on 20 June 2019.
When talking about the regulatory environment of blockchain in India, N.S. Nappinai, Advocate & Cyber Law Expert, Nappinai & Co., Advocates, had quoted in her keynote speech:
“For any innovation, you need to come to a tipping point where it has grown exponentially and organically. However, for it to grow further, one of the differentiators could be law as an enabler.”
Dilip Krishnaswamy, Vice President, Reliance Jio Infocomm; Dr. N Rajendran, CTO of National Payments Corporation of India; Vivekdeep Gupta, Country head, R3; Dr. Paritosh Basu, Senior Professor, The NMIMS University School of Business Management; Sharat Chandra, President of Government Blockchain Association, India Chapter and Jaideep Reddy, Leader, Nishit Desai Associates among others, addressed the summit on key areas such as the ‘legal and regulatory landscape of blockchain in India’, ‘adoption challenges of blockchain for enterprises and its impact on the BFSI Sector and real-world industry use cases of Blockchain that can transform governance and Indian industry verticals.
Among the several exhibitors at the summit, Refine Medium, a blockchain-based media platform had quoted.
“We decided to attend World Blockchain Summit to hear industry leaders share their views about the blockchain space. There is a significant advantage that can be gained from using platforms such as World Blockchain Summit for outreach. The summit has enabled us to get access to our immediate market which are active people in the blockchain space.”
The summit also partnered with top regional and international investors that included Artha Venture Fund, Chance River (USA), Anthill Ventures, Unicorn India Ventures, Kalaari Capital and Nexus Venture Partners, to name a few.
LetsEndorse – A digital collaborative ecosystem that engages in co-creating problem-solving, holistic and high-impact social projects, triumphed the Startup Grand Slam Pitch Competition, a fund-raising platform where companies get to pitch in front of global investors including VCs, angel investors, and key government authorities, to launch or expand their businesses.
Other sponsors and exhibitors of the summit included: Kanerika, Osiz Technologies Private Limited, Refine Medium, Alo Agri Tech Pvt. Ltd, LetsEndorse and TrustWorks.
About World Blockchain Summit
World Blockchain Summit is a global series that takes place in 10+ destinations across the world. The summit connects global blockchain gurus and technology players in this space including emerging startups – with regional businesses, government authorities, IT leaders, tech entrepreneurs, investors and blockchain developers – all under one roof.
Trescon is a global business events and consulting firm specialized in producing highly focused B2B events that connect businesses with opportunities through conferences, road shows, expos, investor connect and consulting services.
For further details about the announcement, please contact: Rahul Harindra
PR and Media Relations Executive and write to him at or get in touch with them on +91 080 4611 3911. `