The Bank of Lithuania plans a blockchain sandbox platform-service

Domestic and foreign companies will be able to develop and test blockchain-based solutions in the regulatory and technological sandbox platform-service codenamed LBChain to be created by the Bank of Lithuania.

According to the bank, blockchain technology has particularly great adaptation possibilities in those areas where high data transmission security and credibility is required, e.g. financial operations or electronic voting.

The LBChain platform-service being developed by the Bank of Lithuania would help Lithuanian and international companies gain new knowledge, carry out blockchain technology research, adapting and testing this technology based services in the activities of financial institutions.

The Bank of Lithuania would provide LBChain participants a technical platform and consultations on applicable regulations. It is planned that this platform’s facilities will only be available to companies selected according to certain criteria that devise and develop blockchain technology based services and solutions.

Upon confirmation of the project’s co-financing with EU funds and completion of preparations, the LBChain platform/service could be launched already in 2019.