The Bank of Lithuania has begun developing the LBChain regulatory and technological platform, through which companies will be able to create and test services based on blockchain technologies
Service - the LBChain platform is designed to help Lithuanian and international companies conduct technological research on the blockchain chain, obtain up-to-date information and adapt new developments to the activities of financial institutions. For these purposes, the Central Bank of Lithuania will provide a technical base and will advise users on the current rules.
Member of the bank’s board, Marius Jurgilas, is confident that blockcain technologies have enormous potential and are applicable to both financial and government structures. Blockchain technology has particularly great potential in areas where high security and reliability of data transmission is required, for example: financial transactions or electronic voting.
It is planned that access to the platform will be given to companies selected in accordance with certain criteria that develop and apply technological solutions based on blockchain.
The launch of the service, under the auspices of the Bank of Lithuania, is planned for 2019. Also, the project is expected to be financed by European Union funds. Confirmation of co-funding of the program from the EU is awaited.
According to bits.media
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