Amazon Web Services (AWS) is an IT service management company who will launch a blockchain technology-based system. The system will be used for corporate pension deals. AWS is a subsidiary of an e-commerce company called Amazon.
Legal & General is a British multinational financial services company who has made a partnership with Amazon. Establishing the system is a purpose of the partnership. The deal is said to be meant that the focus of the Legal & General could be on a new business.
The blockchain technology was invented in the year 2008 in order to run Bitcoin. It is a shared database. Transactions can be processed and settled without the interference of any other third-party. Most banks and other kinds of financial institutions made millions of dollars of investments in blockchain systems. Costs cutting and complexity removal are the reasons for the investments in the blockchain systems. Although a few projects are deployed on different scales, the questions related to regulation, reliability, and costs are there.
The British multinational financial services company Legal & General was set up in the year 1836. It is recognized as the leading financial services group across the United Kingdom. It is also recognized as a major global investor. It has its international businesses in places like the US, Europe, Middle East, and Asia, according to the official LinkedIn account of Legal & General.
The e-commerce company Amazon is motivated by the excitement of technologies development. It isn’t only motivated by the excitement of the technologies development, but it is also motivated by the excitement of inventing products and providing services. Becoming the most customer-centric company on the Earth is a mission of Amazon. Amazonians can develop new technologies from Amazon Web Services to Alexa, according to the official LinkedIn account of Amazon.
AWS was set up in 2006. It is widely known as cloud computing. It provides web services to businesses. A highly reliable, scalable, and low-cost infrastructure platform is provided in the cloud. Most businesses across 190 countries around the world are provided with the platform. Its data center is located in the U.S., Europe, Singapore, and Japan, according to the official LinkedIn account of Amazon Web Services.
The blockchain technology is said to be suited with the long-term annuities business nature. Data and transactions can be signed, recorded, and maintained permanently and securely through the blockchain, Reuters reported.
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