LITHUANIA’S CENTRAL BANK TO FULLY DEPLOY ITS BLOCKCHAIN PLATFORM BY YEAR-END
The Bank of Lithuania announced that it had completed the research phase of its blockchain project called LBChain. The central bank now plans to deploy the platform by the end of 2020 and expand its use cases beyond the financial sector.
BANK OF LITHUANIA TO EXPAND ITS BLOCKCHAIN CAPABILITIES BEYOND FINANCIAL SECTOR
Now the bank is ready to develop the Lithuania Chain (LTChain). The latter is an upcoming blockchain platform to be used in the country’s energy, healthcare, and transport sectors. The bank will collaborate with other government agencies and attracts startups from the mentioned sectors.
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.
During its development stages, the platform was used by 11 fintech firms from eight countries. It was trialed in over a dozen financial products and services. The developers noted that most of the testing was done remotely.
The Bank of Lithuania says that LBChain is the world’s first blockchain platform developed by a financial market regulator. The bank has developed it in two years. The first stage focused on concept creation. The prototype was tested in the second phase, while the final stage was focused on the final development and testing.
USE CASES INCLUDED BOND ISSUANCE AND REGULATORY REPORTING
Other examples of tested solutions involved KYC system for AML compliance, smart contract for factoring, cross-border payments, unlisted share trading platform, payment token, and crowdfunding platform, among others.