The European Commission has created a new blockchain association to develop and promote adoption of distributed ledger technology across the EU. The association, called the International Association of Trusted Blockchain Applications (INATBA) was launched early this week at a ceremony in Brussels. More than 100 organizations and blockchain firms have already joined the association, including IBM, Ripple, and SWIFT.
INATBA Blockchain Association
INATBA is a European Commission initiative arriving from a series of scheduled forums and roundtables, around blockchain technology. Firstly, the goal of the association is to develop regulatory and business frameworks to support the adoption of blockchain applications.
Other members who signed the official charter include Barclays, BBVA, Accenture and Anheuser-Busch. In addition to these established corporations, there were several blockchain firms participating such as IOTA, ConsenSys, R3, Ledger and Ripple.
Dominik Schiener, co-founder and co-chair of IOTA Foundation, spoke positively about this new initiative. He said:
“Developing a regulatory framework around distributed ledger and blockchain technologies is essential to their widespread adoption and growth. We have established our own Public Regulatory Affairs team to lead this effort and are excited to be one of the founding members of INATBA.”
To achieve its mission, INATBA will organize forums where industry startups, regulators and corporations can work together. This would enable the members to develop necessary blockchain regulatory guidelines and standards for bringing the technology into mainstream focus. Moreover, the association plans to create an inclusive and blockchain-friendly environment through regulatory frameworks. This demonstrates a central goal of transparency and integrity.
EU Blockchain Strategy
It’s worth noting that INATBA is not the first blockchain initiative by the European Commission. Early last year, it launched the European Blockchain Observatory and Forum to explore blockchain development in Europe. This was followed by the European Blockchain Partnership which saw EU member states sign a declaration to promote collaboration in the technology.
Lastly, the EU is also supporting blockchain technology with investment through its Horizon 2020 research and innovation initiative.
This latest development further reinforces the European Commission commitment to promoting blockchain adoption across various initiatives.