The Bank of Lithuania (BoL) has completed the research phase of its blockchain project LBChain on May 27In the next phase, the institution will create a sandbox (isolated environment) that mixes the technological and regulatory infrastructure for this technology.
The platforms used for the research phase include Hyperledger Fabric and Corda, developed by IBM Polska SP, Z.o.o and TietoEVRY.
Adaptation of block grove technology for different industries
With LBChain, market participants were able to test their business solutions in a controlled environment by evaluating the critical requirements of fintech and startupsThey were then given the opportunity to do blockchain-oriented research and tailor blockchain-based services to their companies.
Andrious Adamonis, LBChain project manager at the Bank of Lithuania, commented:
“LBChain has shown enormous potential. It is the cradle of the technologies of the future and offers the opportunity to develop innovative solutions. After being tested by participants in the financial market, the platform can also be used in areas such as energy or medical care. “
LBChain is the first such platform to be developed by a financial regulator. The development took two years and was divided into three phases.
The latest developments from the Bank of Lithuania show interest in blockchain
On May 26, the Bank of Lithuania presented its long-term plans to develop its blockchain platform for use outside the financial services sector.
Among the projects mentioned LBChain included a blockchain-based regulatory reporting solution, a blockchain platform for green bond issuance, and a blockchain-based digital bank.
End of 2019 Cointelegraph also reported on the Bank of Lithuania’s plans to launch a blockchain-based digital collector coin dedicated to the memory of the independence of Lithuania.
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