EU International Association of Trusted Blockchain Applications Officially Launches INATBA Website Today
The International Association of Trusted Blockchain Applications (INATBA) was launched in a ceremony today, located in Brussels at the European Commission. There has been over 100 members of the European Commission to sign the charter, including Deutsche Telekom, Accenture, and IBM. The Commission included multiple blockchain members as well, like Ripple, ConsenSys, the Sovrin Foundation, and Iota.
The annoucement of the launch came today by the European Union, stating that the goal of INATBA is to join the efforts of small and medium enterprises, along with industry startups, regulators, and others. In doing so, the INATBA helps to bring both blockchain and distributed ledger technology into the mainstream focus.
Mariya Gabriel, the European Commissioner for Digital Economy and Society, spoke during the ceremony to express that the EU is supportive to the development of blockchain technology. She added that trust is a necessity in the industry, but there is not as much time as there has been in the past, naming the fight against cancer and tracking the “authenticity of goods” as reasons for needing to trust without physical interactions. “[W]ith the help of blockchain,” these opportunities become possible.
INATBA will be promoting the use of decentralized tech by creating a friendly atmosphere for its use through regulatory framework. The framework will allow for both public and private collaboration, while committing to the “integrity and transparency” that makes the system worthwhile. As the launch commences, there are 48 organizations that have just applied for membership.
The European Banking Authority urged more time to be dedicated to researching cryptocurrency back in January, according to reports from Cointelegraph. The goal is that the authority will work on supporting this sector in 2019, which is outlined in a document for the “applicability and suitability of European Union law to crypto-assets.”
In that same month, it was suggested that the “bubble” of the crypto boom was on its way to collapse, according to a member of the Governing Council of the European Central Bank (ECB).