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Bank of Lithuania’s Blockchian-based LBChain Project in Final Phase

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Lithuania’s Bank of Lithuania's Blockchian-based LBChain Project in Final Phase
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  • LBChain, a blockchain-based sandbox project developed by the Bank of Lithuania has hit the end of its final phase.
  • Today at 11:00 a.m. (UTC+3), the Bank of Lithuania held a session wherein it discussed mainly its further plans and the final LBChain project results.
  • It is worth bringing to attention that LBChain takes pride in being the world’s first blockchain-based platform by the Bank of Lithuania.

LBChain, a blockchain-based sandbox project developed by the Bank of Lithuania has hit the end of its final phase. Today at 11:00 a.m. (UTC+3), the Bank of Lithuania held a session wherein it discussed mainly its further plans and the final LBChain project results. The session included talks on various topics including the final LBChain platform versions. Meanwhile it involved fintech companies who provided a brief summary of their experience gain during the testing phase. However, the main idea behind the whole session by The Lithuanian bank is to unveil its further plans for LBChain in the nearing future.

Previous Phases of LBChain Blockchain Platform

The financial market regulator started its second stage last year wherein it employed three service providers to work on two tasks. Firstly, the service providers had to join forces with the chosen FinTech firms for creating the LBChain platform. Secondly, they had to consult the FinTech firms for developing a specific blockchain-based product with the Bank of Lithuania jointly. During the project’s earlier stages of development, 11 fin-techs have used LBChain to perform tests on different products and solutions.

As mentioned above, LBChain is a blockchain-based sandbox combining regulatory and technological infrastructures. These infrastructures then allow fintech firms to perform tests on their business solutions in a controlled environment. As a result, the platform will offer a way for firms to gain new insights besides carrying out blockchain-oriented research. It also offers firms the possibility to test and adapt blockchain-based services. It is worth driving attention to the fact that LBChain takes pride in being the world’s first blockchain-based platform by the Bank of Lithuania.

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