The Central Bank of Lithuania plans to develop its own platform on the blockchain using the technologies of the largest technology giant IBM or the IT company Tieto.
Which of them will take part in the development of the LBChain platform will become known only by the end of this year. The project manager and representative of the Bank of Lithuania Andrius Adamonis commented that the bank is currently testing the technologies of these two companies. At the final stage of testing, it will become clear whose solution best suits the requirements of the market.
“We will create a platform that will not only test products or services already on the market. LBChain will provide an opportunity to create new solutions that no one knows about, ”- Andrius Adamonis.
Adamonis added that the new platform will be able to solve many of the problems that many financial companies are facing today. The system will run on the Hyperledger and Corda blockchains, which will create the conditions for testing various products and financial services.
Bank of Lithuania representatives said that they had already tested many systems of European companies operating in the field of financial technology. At the Bank’s request, the systems must comply with the provisions on combating money laundering (AML) and the customer identification procedure (KYC). In addition, systems must support international payments.
Recall that in February the Bank of Lithuania updated its position regarding ICO and digital currencies. This month, two major Korean banks announced their plans to launch a blockchain platform for identifying South Korean citizens, and the Japanese bank intends to launch a blockchain platform for trade financing by the end of the year.