Bank of Lithuania to Expand its Blockchain Capabilities Beyond Financial Sector
Earlier this week, the central financial institution of Lithuania efficiently accomplished its third and ultimate stage of the LBChain mission. During the three phases, the financial institution developed a novel sandbox that merged technological and regulatory infrastructures.
Now the financial institution is prepared to develop the Lithuania Chain (LTChain). The latter is an upcoming blockchain platform to be used within the nation’s vitality, healthcare, and transport sectors. The financial institution will collaborate with different authorities businesses and attracts startups from the talked about sectors.
LBChain mission supervisor Andrius Adamonis defined:
LBChain has proved to have monumental potential. It is the cradle of future applied sciences, providing the chance of making state-of-the-art options. Having been already examined by monetary market members, the platform may additionally be utilized in such fields as vitality or healthcare.
As per Adamonis, the subsequent step is to advance to the manufacturing part and make the blockchain answer obtainable to shoppers.
During its improvement levels, the platform was utilized by 11 fintech corporations from eight nations. It was trialed in over a dozen monetary services. The builders famous that a lot of the testing was carried out remotely.
The LBChain platform makes use of the infrastructure supplied by Hyperledger Fabric and R3’s Corda. The answer was developed by IBM Polska and TietoEVRY. Professional companies big Deloitte additionally took half within the improvement and testing of LBChain.
The Bank of Lithuania says that LBChain is the world’s first blockchain platform developed by a monetary market regulator. The financial institution has developed it in two years. The first stage targeted on idea creation. The prototype was examined within the second part, whereas the ultimate stage was targeted on the ultimate improvement and testing.
Use Cases Included Bond Issuance and Regulatory Reporting
During the three levels of improvement and trial, sandbox members used the platform for numerous use instances. A startup used LBChain for a regulatory reporting answer. Another agency leveraged the know-how for issuing inexperienced bonds.
Other examples of examined options concerned KYC system for AML compliance, sensible contract for factoring, cross-border funds, unlisted share buying and selling platform, cost token, and crowdfunding platform, amongst others.
Adamonis mentioned the mission attracted overseas funding, inspired cooperation with academic establishments and expanded the central financial institution’s technological capabilities with the assistance of blockchain.
In the long run, the Bank of Lithuania intends to entice extra startups from overseas to enhance cooperation between the private and non-private sectors.