Lithuania’s Central Bank Completes Research On Blockchain Regulation
Lithuania’s Central Bank Completes Research On Blockchain Regulation
May 30, 2020
Lithuania’s Central Bank Completes Research On Blockchain Regulation
Lithuania’s Central Bank Completes Research On Blockchain Regulation
May 30, 2020

The Bank of Lithuania (BoL) has finished the research phase of its blockchain-related project, LBChain as of May 27.

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
  • TietoEVRY

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.

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Source: Cointelegraph | Image: Unsplash

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Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
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