How can PCP shape economy: The case of Bank of Lithuania. Andrius Adamonis Project manager

Transcription

1 How can PCP shape economy: The case of Bank of Lithuania Andrius Adamonis Project manager

2 Introduction The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Don & Alex Tapscott Pre-Commercial Procurement (PCP) is an approach to public procurement of research and development (R&D) services. BoL Strategic direction: become a financial sector partner, promoting innovation and sustainable growth. LBChain: attract Foreign Direct Investments, make new high potential companies establish their business in Lithuania and make new workplaces. 2

3 Potential of Lithuania According World Economic Forum (WEF) IT and financial sector is among the most expanding sectors; Foreign direct investment (FDI) has increased in Lithuania in recent years ratio of all FDI to GDP is still relatively low; WEF study The future of jobs 2016 predicts that the financial sector has the greatest potential for increasing the number of jobs; 3

4 Potential of Lithuania Foreign shareholders of the financial sector after 2010 invested in new service centers in Lithuania and, as a result, increased the number of employees in Lithuania for IT and shared services; In Lithuania the higher education is one of the highest in the EU. Admission to the IT studies increased by 80%; The presented data shows that taking into account sectorial development and job trends, forecast and experiences form another countries. It can be said that Lithuania has untapped potential for FDI attraction and job creation especially in financial technology sector. 4

5 The Hype of Blockchain 5

6 The Hype of Blockchain 6

7 Blockchain researches Annual revenue for enterprise applications of Blockchain will increase from approximately $2.5 billion worldwide in 2016 to $19.9 billion by 2025, representing a compound annual growth rate (CAGR) of 26.2%. 7

8 Initial Coin Offering (ICO) Initial Coin Offering (ICO) shall mean any initial coin offering with the purpose of attracting capital or investment for the development of a new product or service, company or its activity. 8

9 Blockchai impact on economy ICO is fostering the establishment of new business related to Blockchain; Lithuania is in top 10 countries in the world of ICO attracted funds; ICO and popularity of Blockchain technology cause the demand for new specialist; The technology makes rethink of changing the old business models. 9

10 LBCHAIN PLATFORM - SERVICE 10

11 What is LBChain Technological / regulatory sandbox Relevant to: FinTech, startups, IT enthusiasts, small/medium IT companies BoL regulatory support Platform provider IT support BoL users and data BoL use cases 11

12 Pre-Commercial procurement (PCP) PSP is an approach to public procurement of R&D services; PSP challenges industry from the demand side to develop innovative solutions for public sector needs and it provides a first customer reference that enables companies to create competitive advantage on the market; PCP also should improve Europe's ability to convert new inventions into new products and jobs; One of the elements to reduce R&D risks and costs involves procuring the R&D in phases stretched over a period of time and ensuring competition between companies to create a range of options. 12

13 PCP stages 13

14 Goals of LBChain Accelerating the development and application of BlockChain based solutions in the financial sector Improving the quality of regulation in the financial sector 14

15 Benefits of LBChain PCP The image of Lithuania as an innovation-friendly and innovationpromoting state Development of new, high-potential technology companies in Lithuania Attraction of foreign direct investment Rapid growth of internal BoL competence Assumptions for closer cooperation with universities 15

16 Conclusions Lithuania has untapped potential for FDI attraction and job creation especially in financial technology sector; Blockchain is changing the market, makes rethink old business models and creating demand for specialist; Pre-commercial procurement is an approach to public procurement of R&D services; the purpose of PCP is to develop innovative solutions for public sector needs; LBChain is combination of promising game changer technology- Blockchain and the innovation promoting procurement- PCP; LBChain will attract FDI, make new high potential companies establish their business in Lithuania and make new workplaces. 16

17 How can PCP shape economy: The case of Bank of Lithuania 17