In an innovative move, the Bank of Lithuania has announced that it will be providing a blockchain-based sandbox platform service that will help startups and corporations in developing and testing their blockchain applications.
Through this initiative, the bank intends to help in developing blockchain technology at a broader scale. The offered service will also aim for greater adaptability for the new technology within the country, as the access and tools that will be provided through the service could entice more and more startups to look towards blockchain as a viable solution for business opportunities.
The program’s launch is subject to confirmation of funds from EU for co-financing. If everything goes according to plan, the bank should be able to launch the platform by 2019.
More about the platform
The program has been dubbed as LBChain, and focuses on assisting both local and international entities in their quest to learn more about the technology. It will provide them with tools and necessary and guidance for further research and development of any potential concepts that could be transcended to tangible platforms of their own.
LBChain will not just consist of a platform, but it will also provide technical consultation to the companies that are enrolled in the program to guide them on any applicable regulations about the functions and offerings of their blockchain platform.
It was further mentioned by the bank that the service would only be offered to select companies based on the innovations that they bring to the table with their planed blockchain platforms and business models.
The bank is optimistic about the initiative
Not surprisingly, the bank is very confident in this program and hopes that it will aid in raising awareness about the technological wonders of blockchain within the country and will also help in creating new investment opportunities through the platforms that will be developed by participating companies.
It was also mentioned by the bank that with this move, it is taking a strategic approach towards one of its future goals that pertain to supporting technological innovations as well as the development of a regulatory ecosystem.
Marius Jurgilas, a member of the bank’s board, expressed his optimism about the initiative and also stated that blockchain technology is not just restricted to financial institutions, but has excellent potential for adaptability in the public sector as well.
“Blockchain technology has a tremendous adaptation potential for innovations conducive to consumers in both the financial and public sectors. Giving room to regulated development of this technology would provide our country with particularly favorable opportunities for investment and attraction of talents as well as acceleration of advanced innovations.”
He also spoke in regards to the fact that the initiative will be of great help to the bank itself, as it would allow the institution to adapt itself to the technological advances that blockchain has for the financial sector.
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“This platform will contribute to the creation of better conditions in Lithuania for the development of the FinTech business and innovation-friendly regulation, as well as help the Bank of Lithuania keep pace with technology innovations that change financial institution activities.”