Lithuania's Central Bank Completes Blockchain Regulatory Research

The Bank of Lithuania finished its research phase on the LBChain's blockchain project that aims to provide a regulatory infrastructure.

Listen to article As of May 27, the Bank of Lithuania, or BoL, has finished the research phase of its blockchain-related project, LBChain.

The platforms used for the research phase include Hyperledger Fabric and Corda, which were developed by IBM Polska SP. Z.o.

O and TietoEVRY.Adapting blockchain technology into different business sectorsLBChain allowed market participants to test their business solutions in a controlled environment by assessing the critical needs of fintech and startups.

They then provided them with the ability to carry out blockchain-oriented research and adapt blockchain-based services into their businesses.

"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 a first-of-its-kind platform developed by a financial market regulator.

Latest developments on the BoL's interest towards blockchainOn May 26, the BoL unveiled its long-term plans to develop its blockchain platform for use beyond the financial services sector.

Among the projects mentioned, LBChain included a solution for blockchain-based regulatory reporting, a blockchain platform for green bond issuance, and a blockchain-based digital bank.

At the end of 2019, Cointelegraph also reported on the Bank of Lithuania's plans to release a digital, blockchain-based collector coin dedicated to commemorating Lithuania's Independence.