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Lithuania’s Central Bank Completes Research On Blockchain Regulation

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.

#LBChain is expected to become the cradle of future technologies as its enormous potential may carry beyond the financial sector. 👉Read more: 👉Watch again (wrap-up session): — Lietuvos bankas (@Lietuvosbankas) May 27, 2020

The platforms used for the research phase includes:

  1. Hyperledger Fabric

  2. Corda developed by IBM Polska SP. Z.o.o

  3. 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.

Source: Cointelegraph | Image: Unsplash



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