Bank of Lithuania – the central bank of the nation – has reportedly chosen tech heavyweight IBM and IT firm Tieto, to advance to the final round in a contest to build its blockchain platform.

Reported by FintechFutures on October 23rd, the 2 above-mentioned firms are the top contenders in the Bank of Lithuania-hosted competition, to see whose platform will perform most efficient. The result will be disclosed in the end of this year, as part of a project called LBChain.

“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.” The project’s manager at the Bank of Lithuania Andrius Adamonis remarked. 

Adamonis further claimed that the winning platform will need to be the ultimate solution for handling numerous problems, currently bugging financial innovators. 

Hyperledger’s Fabric and R3’s Corda will be the foundation tech of the system, which will reportedly enable the testing of various financial products and services.

The bank further revealed that 3 EU-based fintech firms have suggested their systems for the testing phase, including Know Your Customer (KYC) and AML-compliant tool, along with cross-border payments and an unspecified share trading solution.