LBChain – the cradle of future technologies unrestricted by geographical or sectoral boundaries
The Bank of Lithuania has completed the research phase of its LBChain project, during which it has created a unique sandbox combining technological and regulatory infrastructures as well as assessed its potential. In order to discuss the final project results, the Bank of Lithuania held a wrap-up event, where project developers and participants summed up their experience gained during the development and testing phases.
“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,” said Andrius Adamonis, LBChain Project Manager at the Bank of Lithuania. According to Mr Adamonis, the next step will be to move to the production environment, i.e. to make the solution available to consumers.
One of the most important features of this blockchain-based platform is its inclusiveness. In its development stages, LBChain was used by 11 fintechs from 8 countries that tested more than 10 different financial products and services. Most of the testing was carried out remotely. Based on Hyperledger Fabric and Corda, the platform was developed by IBM Polska Sp. z.o.o and TietoEVRY.
LBChain combines regulatory and technological infrastructures as well as allows market participants to test their business solutions in a controlled environment. The platform is aimed at serving the key needs of fintechs and start-ups, and provides them with the possibility to gain new knowledge, carry out blockchain-oriented research, test and adapt blockchain-based services as well as offer advanced innovations to their clients.
LBChain is the world’s first-of-its kind platform developed by a financial market regulator (the Bank of Lithuania). Its development took two years and was divided into three stages. The first stage focused on developer selection and concept creation. During the second stage, the Bank of Lithuania set up and tested the platform prototype, while the third phase was dedicated to its final testing and development.