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European Commission supports mass adoption of blockchain technology by launching a new association

A new blockchain consortium consisting of over a hundred well-known firms such as Ripple, SWIFT and IBM was launched in Brussels on the 3rd of April. An initiative by the European Comission, the main purpose of the association is to encourage and advance the use of blockchain technology across the European Union.

INATBA, short for International Association of Trusted Blockchain Applications, has been set up as an international multi-stakeholder forum focused on uniting developers and users from the blockchain industry with the aim of promoting the adoption of blockchain on a wider scale.

INATBA has stated that the main focus points for the association will be introducing a framework that will help:

  • Encourage collaboration between public and private sectors’
  • Improve communication among policymakers and regulators
  • Ensure legal predictability, integrity and transparency in the blockchain infrastructure
  • Develop guidelines and specifications for blockchain and DLT based applications

Major technology firms are not the only ones to have joined the new group. Among others you will find entities such as the biggest personal care company in the world, L’Oreal,  in addition to prominent banks such as Barclays and BBVA. There are severeal blockchain startups on-board too, such as cryptocurrency mining company BitFury, cryptocurrency hardware wallet maker Ledger, ConsenSys, R3 and IOTA.

The formation of INATBA had been on the table for quite a while before it was established. Carlos Kuchkovsky, the head of the R&D department for new digital businesses at BBVA has said in the past that this association could play a major role in the establishment of best practices and industry standards for blockchain.

Many European Commission officials gave speeches on the day the association was launched. The keynote was provided by Mariya Gabriel , the Commissioner for the Digital Economy and Society. There were also numerous panels that discussed the potential of blockchain and the positive impact it could have on various sectors.

A joint declaration of support from members was also recorded at the event.

By Richard J. Witismann on 7 April, 2019