In the latest cryptocurrency and blockchain news, over 100 organizations including payment processing companies Ripple and SWIFT as well as technology giants IBM blockchain has launched a regional blockchain association known as the International Association of Trusted Blockchain Applications (INATBA). INATBA which launched on Wednesday April 3 was created to promote blockchain adoption in Europe.
The launch of the group was announced on the website of the European Commission (EC). It read:
“INATBA brings together industry, startups and SMEs, policy makers, international organizations, regulators, civil society and standard setting bodies to support blockchain and Distributed Ledger Technology (DLT) to be mainstreamed and scaled-up across multiple sectors.”
Other Members of the INTABA Blockchain Group
Apart from SWIFT, Ripple and IBM blockchain, the blockchain group includes prominent organizations including major global financial institutions, consulting firms, blockchain firms and companies across several industries. Some member organizations include Accenture, Barclays bank, BBVA, ConsenSys, BitFury, IOTA, Ledger and R3 blockchain consortium.
The Making of a European Blockchain Association to Promote Blockchain Adoption
The idea of a cross-industry regional blockchain association to unite players and ultimately promote mainstream blockchain adoption has been in the works for several months.
Now created, INATBA will drive public and private sector collaboration, push for blockchain-friendly policies and regulatory uniformity which will in turn make it easier for blockchain adoption in mainstream applications.
The association wrote on its launch page:
“To unlock the full transformational potential and harness the benefits of blockchain and DLT for businesses, the public sector, and society at large, 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.”
The group outlined its goals broadly categorized in three main sections in its joint declaration signed by its members. The goals include:
- To Support interoperability guidelines, and global standards, to enhance trusted, user-centric digital services; and upholding an open, transparent and inclusive method of multistakeholder cooperation.”
- To “Promote an open, transparent and inclusive global model of governance for blockchain and other distributed ledger technology infrastructures and applications…”
- To maintain dialogue with public authorities and regulators that will contribute to uniform regulatory approaches to blockchain and other DLTs globally
Blockchain Adoption in Europe
In related blockchain news reported by Smartereum in February, a member of the European parliament Eva Kaili extolled blockchain technology while explaining the EU’s position on blockchain. Kaili, who spoke at an event organized by Ripple (XRP), emphasized the need for the EU to have a positive stance on blockchain to avoid increased resistance to the technology by traditional players.
Last December, 7 European countries signed a declaration for the promotion of blockchain technology. The countries include Malta, France, Cyprus, Italy, Greece, Spain,
In other to promote blockchain adoption internationally, IBM blockchain, SWIFT, Ripple (XRP) along with over 100 other organizations have formed a European blockchain group, INATBA in Brussels.
According to the EC, 26 Member States including Norway and Liechtenstein entered a European Blockchain Partnership (EBP) to cooperate in creating a European Blockchain Services Infrastructure (EBSI) that will support the delivery of cross-border digital public services.