Bank of Lithuania Selects IBM and Tieto as Finalists for its Blockchain-Powered LBChain Project
The central bank of Lithuania has chosen IBM, a technology titan, and Tieto, a leading Nordic software and services company, as the finalists in its blockchain-powered LBChain project. The winner will be announced as the year ends.
Bank of Lithuania, the nation's central bank, has chosen IBM, a technology titan, and Tieto, a leading Nordic software and services company, as the finalists in its blockchain-powered LBChain project.
On Oct 23, Fintech Futures revealed that both companies would enter the final level of the testing stage, and the winner will be announced as the year ends.
The LBChain project manager at the Bank of Lithuania, Andrius Adamonis, asserted that the final testing session was ideal in showing the most suitable solution for market needs.
Adamonis added:
“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.”
LBChain’s Mechanism
LBChain is unique because it functions both as a regulatory sandbox and a technological platform. As a result, its novelty is speculated to be instrumental in tackling various challenges witnessed by financial innovators.
Moreover, LBChain’s mechanism is founded on R3’s Corda and Hyperleger Fabric, intended at testing numerous financial services and products.
The Bank of Lithuania has also revealed that it has already tested networks availed by fintech firms from three European nations. Some of the products include an unlisted share trading system, cross-border payments, anti-money laundering (AML), and know your customer (KYC) solutions.
This development shows the confidence that the Bank of Lithuania has in blockchain technology.
Image via Shutterstock
Image source: Shutterstock
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