Minister of Economy Sinkevičius: blockchain development is evidence of Lithuania’s open attitude towards innovation

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2018 04 05

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Lithuania has always been open to innovation and this is proved by means of becoming one of the blockchain technology centres of excellence in Europe and introducing exceptional products which address everyday problems. This was brought up by Minister of Economy Virginijus Sinkevičius at the meeting with the World Economic Forum representatives and the blockchain community members in Washington, the US.

‘Lithuania has never been afraid of and has always been open to innovation. The international community has welcomed very positively the amendments to the Law enabling the testing of self-driving cars on national roads and the breakthrough by using blockchain technologies in addressing everyday problems. This gives Lithuania a possibility to stand out and be visible by the international business community searching for locations suitable for investments intended for developing and testing products. That capacity must be further strengthened’, says Mr Sinkevičius.

According to the Minister, more discussion is presently held about technology rather than about finding ways of how to adapt it for the development of new business models and products and for improving the quality of public services. We have good examples already when blockchain technology-based solutions help users gain access to services faster and easier. One of such examples is the Lithuanian star-up Car vertical.

The blockhain technology can greatly contribute to the improvement of the public sector and the services it provides. This technology may be used very broadly;  it is capable of recording securities or land acquisition transactions or marriage records; for instance, the blockchain technology could enable a unified recording of patients, a treatment history or automatic settlements with private or public insurance companies for healthcare services provided’, said Minister Sinkevičius.

In Lithuania, an increasing number of companies are planning to use the blockchain technology in different areas including insurance, financial services, education, etc. Moreover, an international Blockchain Technology Centre operating in the same network with similar centres in Melbourne and in Shanghai was opened  inVilnius in late January.  Blockchain technology enthusiasts, start-ups and investors can exchange ideas and best practices there as well as find reliable project partners all over the world.