April 3, 2019, | AtoZ Markets - SWIFT, IBM, Ripple, and 100 other firms and organizations have recently joined a newly created EU Blockchain Association to promote adoption of the new technology across Europe.
EU Blockchain Association has many purposes
On the initiative of the European Commission, the EU blockchain association, entitled as the International Association of Trusted Block Applications (INATBA) starts its work on Wednesday with the first session in Brussels, Belgium. According to the group’s press release, the EU blockchain association INATBA was created to bring together developers and users to promote the blockchain technology widespread use in various sectors.
The newly created EU blockchain association aims to create a framework for promoting cooperation between the public and private sectors, dialogue with regulators and politicians and “legal predictability”, as well as ensuring “integrity and transparency” in the blockchain infrastructure. It will also develop recommendations and specifications for the blockchain and register-based distributed applications.
EU Blockchain Association members in a brief
INATBA group includes a wide range of well-known participants, like Barclays and BBVA, consulting firm Accenture and French cosmetics giant L’Oreal. There are also several blockchain startups, like Ethereum ConsenSys AG, a crypto-mining company Bitfury, the R3 blockchain firm, a manufacturer of a hardware crypto wallet Ledger, and a developer of the cryptocurrency protocol IOTA.
New association launch was just a matter of time
The European Commission following the global trends of the blockchain adoption has already launched a number of initiatives to promote the introduction of this innovation. Back in Spring 2018 22 EU member countries united together in the European Blockchain Partnership (EBP) to support the provision of cross-border digital technology-based public services. The Commission also established the EU Observatory and the EU Blockchain Forum, in which ConsenSys participated in February. It is obvious that the launch of the INATBA was a matter of time.
The plans of starting new EU blockchain association had circulated in public for months. Last year, Carlos Kuchkovsky, head of research and development at BBVA a multinational Spanish banking group, stated that the new association could play an important role in developing best practices and standards for the blockchain and "avoiding fragmentation at the European level.
INATBA agenda is rich
During the first EU Blockchain Association's session, several officials of the European Commission will present the reports on the blockchain technology status in the EU. Maria Gabriel, Commissioner for the Digital Economy and Society, will present the main report. The forum will also include a discussion panel where the topic related to the blockchain adoption will be covered. A joint statement of support from the participants is recorded on various block chains at this event.
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