Today, the Bank of Lithuania (BL)
said it chose IBM Poland and Tieto Lithuania to work on the final stage of its blockchain platform LBChain. However, they will be working separately, and the ‘winner’ designs the final product. The central bank has also called upon to fintech companies and startups to test the technology.
Both IBM and Tieto are international software firms, so competition is fierce. Deloitte was the third service provider in the
previous phase, but only the two software firms made it this far. They hope to complete the central bank’s LBChain, which is based on Hyperledger Fabric and Corda. It primarily serves as a regulatory sandbox with Bank of Lithuania consulting the participants.
Some of the tested use cases include a know your customer (KYC) solution for anti-money laundering compliance, cross-border payments, smart contract for factoring process management, a payment card solution, a crowdfunding platform and an unlisted share trading platform.
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