Lithuanian Central Bank, The Bank of Lithuania has singled out IBM and Tieto to develop its Decentralized Ledger Technology (DLT) based blockchain ecosystem.
The Bank of Lithuania had been running a competition to attract blockchain developers to create a complete decentralized ecosystem for its complete financial needs. Technology giant IBM and IT services firm Tieto have been finalized by the central bank for the task. According to a report by the financial technology news outlet FinTechFutures, both parties will now present their blockchain systems to the central bank and it will select the winner.
Designated the LBChain, the project saw different decentralized technology developers from all over the globe take part. In the end, the two companies have been selected. According to Andrius Adamonis, the Project Manager at Bank of Lithuania,
“The final testing session will show which solution is most suitable for market needs. […] We believe that the greatest advantage of LBChain is its versatility. We strive to create a platform that would not only serve for testing products or services that are already offered on the market, but would also be used to create those that might currently exist only in a financial architect’s mind.”
Multiple Financial Needs
The final product, according to Adamonis, will be able to cater for a wide variety of financial products and needs. Whichever the final blockchain is the winner, it will be able to demonstrate the characteristics. The blockchain in question is based off Hyperledger’s Fabric and R3s Corda.
Bank of Lithuania has also said that it has already tested different systems from financial technology companies of European origins. These systems were tested to get a better idea on the compatibility with current Anti Money Laundering (AML) and Know Your Customer (KYC) regulations. The systems were also checked against their ability to perform cross border payments, along with the ability to support a digital stock and share exchange.
Lithuania, a small country along the southeastern shore of the Baltic sea, was the first Baltic country to gain independence from the Soviet Union, nearly a year before its fall. The country is considered to be a high income country and has one of the lowest corporate tax rates. This has caused many a fintech companies to already use the country as a basis of their operations. It also has the first International Blockchain Centre, located in the capital city of Vilnius.
Noble Systems Issued 200th Patent for Contact Center Technology
FINRA’s Best Practices for Delivering Omnichannel Customer Experiences
Defense Contractor BAE is Looking for Cryptocurrency Exploitation Experts
Ripple Continues to Expand Wings as National Bank of Egypt Joins Network
Japanese Law Maker Calls for A Crypto Yen to Counter Chinese Endeavors of CBDC
Indians Advised Against Dealing in Cryptocurrencies by Police
40 Plus German Banks Interested in Offering Crypto Services to Clients Under BaFin Law
Crypto Trading Platform Altsbit Hacked. Announces Shut Down
South Korea’s Pohang University of Science and Technology Issues Diplomas on Blockchain
UK’s Financial Conduct Authority Seeks Cryptocurrency Intelligence Associate
Like Tradable on Facebook
The Trending Posts
Bitcoin1 month ago
Binance Lists FTX Based 3X Leveraged Tokens, BULL, BEAR, ETHBULL And ETHBEAR
Blockchain1 month ago
Looking For Yield Among Global Economic Uncertainty
Financial1 month ago
Visa to Launch Token Service This Year
Blockchain1 month ago
China’s Largest Phone Retailer Enters Blockchain Sector, Invests in U.S. Startup Monsoon Blockchain
Blockchain4 weeks ago
Singapore Government Teams With MasterCard and Mitsubishi for Blockchain Trade Alliance
Bitcoin3 weeks ago
Crypto Exchange Phemex Tweets Puzzle, Offers 2.1 BTC to Winner
Banking4 weeks ago
Hong Kong and Thailand Come Ever Closer to Launch DLT Based Cross Border Remittance
Bitcoin1 month ago
Crypto Enthusiasts Use A Tesla Electric Car as a Bitcoin Node