The Bank of Lithuania (BoL) has completed the research stage of its blockchain related venture, LBChain. In the next stage, the institution will setup a sandbox that brings together tech and regulatory framework for the technology.
The platforms utilized for the study include Hyperledger Fabric and Corda, which were built by IBM Polska SP. Z.o.o TietoEVRY.
Market participants were permitted to try LBChain’s business solutions in a limited manner by validating the crucial requirement of fintech and startups.
The market participants were later facilitated to conduct blockchain-focused research and deploy blockchain powered services into their businesses.
Andrious Adamonis, LBChain Project Manager at the Bank of Lithuania, detailed as follows:
“LBChain has proved to have enormous potential. It is the cradle of future technologies, offering the opportunity of creating state-of-the-art solutions. Having been already tested by financial market participants, the platform may also be applied in such fields as energy or healthcare.”
LBChain is the first platform of its kind to be built by regulator of a financial market. It took two years for the creation of the platform and was divided into three phases.
On May 26, the BoL disclosed its long-term strategy of updating the blockchain platform for utilization in other service sectors.
The planned ventures include a solution for blockchain powered regulatory reporting, a blockchain platform for green bond issuance and a blockchain powered digital bank.
At the end of last year, the Bank of Lithuania stated that it intends to roll out a digital, blockchain powered collector token devoted to the celebration of the country’s independence.
