Bank of Lithuania Divulges Plans To Develop Cross-Industry Blockchain Platform

The Bank of Lithuania has divulged noteworthy long-term plans to establish its blockchain platform for use outside the financial services industry.

The blockchain-based sandbox of the central bank is called LBChain. Notably, LBChain finished its 3rd and ultimate phase on 26th May.

In a recent meeting, Andrius Adamonis, the blockchain project manager of Bank of Lithuania mentioned that the bank eventually envisages moving past LBChain in order to develop LTChain (Lithuania Chain), which would have non-financial use cases.

Furthermore, Adamonis divulged that the central bank has plans to instigate LBChain in the 4th quarter of 2020. The bank also plans to settle its commercial procurement with the service providers presently involved in the LBChain project, by the end of this year.

In its initial phase, the Bank of Lithuania had chosen IBM, Tieto, and Deloitte to work with financial technology companies on developing and testing their solutions. Last year, the central bank singled out IBM and Tieto to ensue as finalists contending to grow the LBChain platform itself.