The Bank of Lithuania plans to create a blockchain-based platform named LBChain. Now it is pitting two companies against each other for the privilege to help the central bank with its endeavour.
IBM Polska, IBM’s Polish branch, and Tieto, an IT software and service company, have been selected for the next stage.
“The final testing session will show which solution is most suitable for market needs,” said Andrius Adamonis, project manager of the LBChain initiative at the Bank of Lithuania.
LBChain is aimed at both being a technological platform and a regulatory sandbox. With it, the Bank of Lithuania aims to give both established FinTech firms and new startups a place to try their innovative ideas and to test them.
“It basically means that you can start your product from scratch and use LBChain to develop it into a market-ready solution,” explained Adamonis, adding that the bank “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.”
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