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76606
Markets
2020-05-28

Lithuania: Blockchain network at the Bank

Since 27 May, the Bank of Lithuania, or BoL, has completed the research phase of its blockchain project, PBLhain. In the next phase, the institution will create a sandbox, which will combine the technological and regulatory infrastructure for this technology.

Platforms used in the research phase are Hyperledger Fabric and Corda, which were developed by IBM Polska SP. Z.o.o. and TietoEVRY.

LBChain enabled market participants to test their business solutions in a controlled environment by assessing critical needs of fintech and startups. They then provided them with the opportunity to conduct blockchain-oriented research and adapt blockchain-based services to their business.

LBChain is a unique platform created by the financial market regulator. Its development took two years and was divided into three stages.

On 26 May BoL revealed its long-term plans to develop the blockchain platform for use outside the financial services sector.

These include a blockchain-based regulatory reporting solution, a chain platform for green bond issues and a blockchain-based digital bank.