BBVA And Santander Banks Join EU Intl Association For Trusted Blockchain Applications (IATBA)

BBVA and Santander are two of the banks included in the European Commission’s (EC) proposed launch of the International Association for Trusted Blockchain Applications (IATBA) in 2019.

The IATBA wants to consolidate those entities interested in the potential of the blockchain and the distributed ledger technologies, known as DLT, for the transformation of digital services worldwide. The EC invited representatives from the private sector, governments and public bodies to foster innovation and harness the possibilities enabled by the blockchain technology in Europe.

This association will work to promote interoperability between these technologies, develop sector-specific guidelines and protocols, promote EU standards across the world and provide information for the implementation of Europe’s blockchain strategy. As a result of this exchange between private sector leaders and public representatives, the association could be legally set up as early as first quarter of 2019.

BBVA and Santander are two of the five banks invited by the European Commission to be part of this association, for their interest and experience in the use of these technologies.

Carlos Kuchkovsky, BBVA’s head of research and development new digital business, comments:

“Blockchain and other new technologies – artificial intelligence (AI), for example – have to be understood as simple pieces that make digital ecosystems reliable”. He adds that blockchain is not only a technology but it “engenders” new business models creating a “tokenized economy” and “paving the way to a decentralized economy in the future”.

Simultaneously, the European Commission has started working on rolling out the European Blockchain Partnership (EBP), which has already been signed by 27 countries. The purpose of this partnership is to develop a trusted, secure and resilient European Blockchain Services Infrastructure meeting the highest standards in terms of privacy, cybersecurity, interoperability, and energy efficiency, and fully compliant with EU law.

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