LBChain project has reached the finish line: results and future plans - The Industry Spread

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Bank of Lithuania, Secure Nordic, project, Commission, SEB

LBChain project has reached the finish line: results and future plans

May 27, 2020

The Bank of Lithuania’s LBChain project – a unique blockchain-based sandbox – has reached the end of its third and final stage. On 26 May 2020, the Bank of Lithuania will hold a wrap-up session to discuss the final project results and present its future plans.

IBM Polska Sp. z.o.o. and TietoEVRY – the developers of LBChain – will present their final solutions, while the fintech companies will sum up their experience gained during the testing phase. The Bank of Lithuania will also announce its future plans for LBChain.

In its development stages, LBChain has already been used by 11 fintechs from 8 countries to test more than 10 different products and solutions. About the project LBChain is a blockchain-based sandbox that combines regulatory and technological infrastructures, allowing fintech companies to test their business solutions in a controlled environment. The platform will offer Lithuanian and international startups as well as financial and fintech companies the possibility to gain new knowledge, carry out blockchain-oriented research, test and adapt blockchain-based services as well as offer state-of-the-art innovations to their clients.  LBChain is the world’s first blockchain-based platform developed by a financial market regulator (the Bank of Lithuania).

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