The Central bank of Lithuania is done with its research on LBChain’s blockchain project which is a step towards creating a regulatory infrastructure for blockchain in the country.
The research phase was completed on May 27. The next phase will be to test the regulatory infrastructure with technology in a virtual space.
Helpful in the development of the research phase were platforms such as Hyperledger Fabric, Corda and TietoEVRY
Combining business with blockchain technology
LBChain gave room for market participants to see how their business would work if given every support from fintech. The participants were also given a chance to do some research on blockchain and integrate blockchain features to their businesses.
The project manager of LBChain, Andrious Adamonis, had this to say:
“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 not like any other project that has come from a financial market regulator. There were three stages in the development of the project and they all took two years to be completed.
Other Projects from the Bank of Lithuania towards blockchain development
On May 26, the bank made known its plans to use blockchain not just for the financial service sector but for other sectors in the country.
Apart from other things he said, he mentioned that LBChain will be useful in creating a solution for issuing green bonds, creating a digital bank and reporting financial matters that relate to blockchain.
Lithuania has also made plans to release a coin to mark her independence.