Lithuania's central bank, Bank of Lithuania, has selected technology behemoth IBM and IT services firm Tieto as the finalists contending to develop its blockchain platform.
Financial technology news outlet FintechFutures reported on the contest's developments on Oct. 23.
Per the report, both firms will test their platform and the winner will be selected later in 2019 as part of the project dubbed LBChain.
"The final testing session will show which solution is most suitable for market needs. We believe that the greatest advantage of LBChain is its versatility. We strive to create a platform that would not only serve for testing products or services that are already offered on the market, but would also be used to create those that might currently exist only in a financial architect's mind."
Adamonis also explains that the upcoming platform is meant to solve multiple problems currently faced by financial innovators.
The basis for the system is Hyperledger's Fabric and R3's Corda, and will supposedly allow for testing many different financial products and services.
The central bank also notes that it has already tested systems of fintech companies from three different European countries.
These include solutions for compliance with Anti-Money Laundering and Know Your Customer regulations, as well as for cross-border payments and an unlisted share trading platform.
As Cointelegraph reported yesterday, IBM is also working with blockchain platform TBCASoft and telecommunications conglomerate SoftBank to develop a cross-carrier telecommunications blockchain payment solution.
Lithuania's Central Bank Considering IBM for Its LBChain DLT Platform
gepubliceerd op Oct 23, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.