Lithuania is a Member of the World-Class High-Tech Blockchain Community

Date

2018 01 25

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Lithuania together with other technology giants joined Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies. Project representatives welcomed our country becoming a part of the innovative breakthrough. Lithuania has a good shot in this area, as for the time being there is no one exceptional locality or country in the world where Fintech is concentrated.

“We join the world-class high-tech community not only to hear but also to make an impact on the processes and changes”, said Minister of Finance Vilius Šapoka.

"We're excited to have the Ministry of Finance of the Republic of Lithuania on board with Hyperledger as an associate member," said Brian Behlendorf, Executive Director, Hyperledger. "The diversity of our members continues to amaze me and I believe it is one of our greatest assets. Blockchain is still very much in its nascent stage of development and there is so much more that can be achieved by this vibrant global community. I look forward to their contributions to the project and involvement in moving this technology forward."

“Membership at Hyperledger will work in a both ways. Strong global community with the local government support will open more possibilities not only for a Fintech industry. I am sure, that also encourage local companies and organizations to contribute in advanced technology development”, said Audrius Ramoška, Consultant, Hyperledger-Vilnius comunity leader.

Lithuania is attractive to the financial technology and innovation sector due to its flexible regulation system. Enterprises may use the assistance offered by the regulator, and the licencing process is one of the fastest among the EU countries. Many businesses are attracted by the environment favourable to business and the world-class information and communication technology infrastructure offered in Lithuania.

In Lithuania a digital Fintech innovation office is being established, which will take care of the financial technology ecosystem development and presentation of the Lithuanian jurisdiction abroad. The Bank of Lithuania also creates a pilot financial innovation environment, which will enable the companies to improve innovative financial products and business solutions. Creation of the pilot environment for Blockchain technology has also been envisaged.

The Lithuanian information and communication industry association “INFOBALT" has established a Blockchain working group, Vilnius Blockchain Club with more than 600 members operates in Vilnius. There are more and more enterprises willing to use Blockchain technologies in different areas, such as electricity grids, insurance, financial services, education, etc.