Bank of Lithuania’s LBChain project reaches the finish line: results and future plans

25 mai 2020

The Bank of Lithuania’s LBChain project – a unique blockchain-based sandbox – announced it has reached the end of its third and final stage. On 26 May 2020, the Bank of Lithuania will hold a wrap-up session to discuss the final project results and present its future plans.

Starting at 11:00 a.m. (UTC+3), the event will be broadcast live.

IBM Polska Sp. z.o.o. and TietoEVRY – the developers of LBChain – will present their final solutions, while the fintech companies will sum up their experience gained during the testing phase. The Bank of Lithuania will also announce its future plans for LBChain. More information on the event can be found here.

In its development stages, LBChain has already been used by 11 fintechs from eight countries to test more than 10 different products and solutions.

About the project

LBChain is a blockchain-based sandbox that combines regulatory and technological infrastructures, allowing fintech companies to test their business solutions in a controlled environment.

The platform will offer Lithuanian and international startups as well as financial and fintech companies the possibility to gain new knowledge, carry out blockchain-oriented research, test and adapt blockchain-based services as well as offer state-of-the-art innovations to their clients. 

LBChain is the world’s first blockchain-based platform developed by a financial market regulator (the Bank of Lithuania).

Based on Hyperledger Fabric and Corda, LBChain has already been used by fintechs from eight countries to test different products and solutions, including a KYC solution for AML compliance, cross-border payment solution, smart contract for factoring process management, payment tokens, mobile POS and payment card solution, crowdfunding platform, unlisted share trading platform, DLT-based regulatory reporting, banking solution and crypto-commodity. 

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?