Recently the bank of Lithuania (BoL) mentioned its long-term and ambitious plans to create its blockchain platform for use beyond the financial services sector. The central bank’s blockchain-based sandbox called LBChain project has completed its third and final stage on May 26, 2020.

In a quick meeting, BoL’s blockchain project manager Anndrius Adamonis mentioned that the bank is visualizing moving beyond LB Chain to create a future “LTChain”, in short, called Lithania Chain, having non-financial applications. With this future LTChain, the bank would easily cooperate with other public institutions and looking forward to attracting start-ups from non-financial sectors that include energy, healthcare, and transportation.

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Bank of Lithuania plans to launch LBChain in Q4 2020

In the short term, Adamonis already mentioned that the central bank is planning to introduce LBChain in the fourth quarter of 2020 along with finalizing its commercial procurement with the Fintech and service providers which are at present involved in the LBChain project. In the beginning stage, the BoL had chosen Deloitte, IBM, and Tieto for work with fintech on creating and testing their solutions. In 2019, the bank collaborates with IBM and Tieto to proceed as finalists competing to create the LBChain platform itself. 

Adamonis also mentioned in response to feedback from the financial services sector, the bank has driven with R&D on the permissioned system instead of public blockchains, hence chose base LBChain on R3’s Corda and Hyperledger Fabric. The five fintechs that were chosen to be the part in the third and final stage of the sandbox, displaying the results of their testing at the meeting today. The project includes a solution for blockchain-based regulatory reporting, a blockchain platform is required for green bond issuance and a blockchain-based digital bank. 

Sandbox has 11 fintech in 8 different countries to conduct blockchain-focused research

In all the three stages, the sandbox has 11 fintechs from around eight different countries to conduct blockchain-focused research in a controlled regulatory environment. Adamonis also said that that project was successful in attracting foreign investment, cooperation with academic institutions, and strengthening the bank’s technological capacities with blockchain. Stepping forward, he mentioned about the BoL looking for attracting many international start-ups and to increase its public-private collaborations. In order to search for solutions on numerous platforms, users can always have a conversation with the team members who are there to assist you. You can always call on Blockchain phone number which is active all time and users can approach the team for availing quality solutions to end all troubles in a fraction of time. 

At the end of 2020, the BoL also talked about its plans to release a digital, blockchain-based collector coin that is dedicated to commemorating Lithuania’s Act of Independence in 1918.