Central Bank of Lithuania Appoints IBM and Tieto as Finalists for its LBChain Platform

The Central Bank of Lithuania has appointed the global technology giant, IBM and Tieto, a leading Nordic software and services company as finalists contesting for its DLT-based LBChain technology project, according to a report on October 23.

The project is aimed at creating a new blockchain-based platform that will deliver a unique financial solution, while also serving as a platform for testing different services.

Following the report, IBM and Tieto will advance to the final stages for testing the platform, with the winner set to be announced later this year. “The final testing session will show which solution is most suitable for market needs,” the LBChain’s project manager at the Bank of Lithuania, Andrius Adamonis said.

Moving further, the Central Bank of Lithuania called on several fintechs as well as start-ups who are interested in the LBChain technology project to participate in the test phase. Already, fintechs companies from Europe tested several products, including a know your customer (KYC) solution for a cross-border payment solution, and anti-money laundering (AML) compliance.

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, according to Adamonis, serves as both a technological platform and a regulatory sandbox based on Hyperleger Fabric and R3’s Corda, which aims at addressing most of the challenges faced by financial investors, while also offering the possibility to test a wide range of financial services.

Coinfomania recently reported a development from a cloud and blockchain-agnostic Platform as a Service (PaaS), Chainstack that will enable Enterprises as well as developers to quickly deployed R3’s Corda, while also lessening the time for deploying blockchain nodes.

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