Bank of Lithuania Blockchain Case Study: Regulators as catalysts for innovation
Updated: Aug 8, 2019
Executive Best Practice with Andrius Adamonis, Blockchain Project Manager, Bank of Lithuania.
Published: 09 July 2019
Analyst: Enrico Camerinelli
Bank of Lithuania’s LBChain is a blockchain technology sandbox aimed to foster the creation of blockchain-based applications for financial markets. LBChain allows fintech companies that enter the Lithuanian financial market to anticipate and comply with domestic regulatory requirements.
LBChain is based on an accelerator model that specifically addresses the needs of fintech firms in the quest for regulatory support. Recently Lithuania is experiencing an increased number of fintech firms wishing to enter the country in consequence of Brexit: these companies already have ongoing blockchain-based projects, so they need to understand what impact the regulatory regime in Lithuania will have for them and to check if they are compatible with regulation in EU.
LBChain allows to create a sandbox environment to simulate the operations executed by the fintech solutions and assess the impact of domestic regulations on such activities. LBChain combines technological and regulatory infrastructures. The platform will enable Lithuanian and international start-ups, as well as financial and FinTech companies, to gain new knowledge, carry out blockchain-oriented research, test and adapt blockchain-based services and offer state-of-the-art innovations to their customers.
Key Questions Answered
How have you identified the Use Case and Set the Goals?
Did you exactly know the necessary amount of staff for the implementation team?
What KPIs did you choose to measure the success of the project?