Blockchain technology continues to make inroads in the banking sector. More specifically the interest in this technology has never been greater. We still have to wait until any major projects come to fruition and are officially implemented, though. Bank of Lithuania prepares to embrace the blockchain through their new sandboxed environment. A major step forward for fintech, as well as the LBChain sandbox platform-service.
Lithuania is no stranger when it comes to financial technology. The Eastern European region has shown a great interest in new technologies and innovative payment concepts. It is only normal there is plenty of discussions regarding the potential use cases of blockchain technology. Both domestic and foreign companies can test such solutions through the regulatory sandbox platform-service known as LBChain. This is a powerful initiative by the Bank of Lithuania.
A big Step Forward for Bank of Lithuania
More specifically, the Bank of Lithuania sees a bright future ahead for this technology. The potential applications based on blockchain infrastructure can be extremely valuable to different industries. Especially in terms of high data transmission security and credibility, the opportunities are worth exploring. This seems to indicate the Bank of Lithuania mainly leans toward financial services and perhaps even electronic voting. It will be interesting to see what the sandbox environment urns up in the next few months.
BoL Board Member Marius Jurgilas comments as follows:
‘Blockchain technology has tremendous potential for innovations that will benefit consumers in both the financial and public sectors. Giving businesses room for the regulated development of this technology will make our country increasingly attractive for investment and help us attract the best talent, as well as make Lithuania a home for innovations.”
It is also worth noting LBChain is not just any fintech sandbox. It has been co-financed with EU funds, and the platform is designed to launch in 2019. This timeline is always subject to change, though. Overall, this platform will usher in a new era of financial technology in Lithuania. Similar to other countries, the region wants to help foster innovation in this particular industry. At the same time, Lithuania wants to improve its position in the fintech market. A strategic decision which can have major consequences in the years to come.
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