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The European Union Setups International Association of Trusted Blockchain Applications

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According to an announcement made by the European Union on its official website dated April 3, they will be setting up an International Association of Trusted Blockchain Applications (INATBA). According to reports, there are a total of over 100 members who have come together to sign the charter including firms like IBM, Accenture, and Deutsche Telekom. Moreover, in the blockchain space, companies like Iota, Ripple, ConsenSys and Sovrin Foundation are also in the list.

According to the announcement made, INATBA intends to curate industry startups focusing on SMEs (small and medium enterprises) along with bodies that set standards and regulators in order to push blockchain and distributed ledger technology into the mainstream. At the INATBA during the Brussels ceremony, Mariya Gabriel – European Commissioner for Digital Economy and Society emphasized that the EU intends to cultivate and develop in the space of blockchain.

She stated that “In today’s economy, there is less and less time to build trust in the way it happened in the past. To fight cancer, to balance renewable energy, to trace the authenticity of goods, actors must be able to trust one another without meeting face-to-face. Moreover, how can we achieve this? Of course, with the help of blockchain.”

Furthermore, the body’s post also highlights that the new organization is on the front foot in order to promote decentralized technologies by forming a regulatory framework which is highly dedicated. The post states “INATBA aims to develop a framework that promotes public and private sector collaboration, regulatory convergence, legal predictability and ensures the system’s integrity and transparency.”

A total of 48 additional organizations applied to be a member of the initiative on the day after the launch. As per previous reports, a document with the focus on “applicability and suitability of European Union law to crypto-assets,” EBA (European Banking Authority) is in support of such crypto related research and will also begin developing work on the sector this year.

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