BoL will create a sandbox that mixes technological and regulatory infrastructure for the technology in the next phase.
The platforms used for the research phase includes:
- Hyperledger Fabric
- Corda developed by IBM Polska SP. Z.o.o
LBChain allowed market participants to test their business solutions in a controlled environment by assessing the critical needs of fintech and startups providing them the ability to carry out blockchain-oriented research and adapt blockchain-based services into their businesses.
Andrious Adamonis, LBChain Project Manager at the Bank of Lithuania, comments:
“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 a first-of-its-kind platform developed by a financial market regulator. Its development took two years splitting into three stages.