EU Shares Why The International Blockchain Association Intends To Bring DLT Closer To Mass Adoption

European Union Has Announced The International Blockchain Association As It Intends To Bring Blockchain Steps Closer To Mass Adoption

The European Union has since announced that that it has launched the INATBA – The International Association of Trusted Blockchain Applications. Consisting of a wide range of members, over 100 in total, including the likes of Accenture, Deutsche Telekom, and IBM. These organizations have since signed the association charter during a signing ceremony in the European Commission on April 4th.

Last month, the International Association of Trusted Blockchain Applications was formed in a legal form back in March 2019, initially operating as an alternative version of the European Union's Blockchain Partnership, with the underlying aim of “supporting interoperability, developing specifications, promoting standards and regulatory convergence to support the development and exploitation of innovative blockchain technologies.”

INATBA Launching Ceremony

“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. And how can we achieve this? Of course, with the help of blockchain.”

The launch ceremony of the INATBA was a jointly hosted event by both the European Commissioner – Mariya Gabriel as well as the Director-General – Roberto Viola. The quote is an excerpt of the keynote speech provided by Mariya Gabriel during the ceremony, who has since stressed the need of the EU to commit to the development of blockchain technology.

While the EU needs to express a greater commitment to blockchain technology, bit illustrates the need o understand that blockchain is an important innovation in creating a greater degree of trust in an ever complex economy.

“What makes this association special is its focus on promoting trust in blockchain technology among public authorities and citizens. This association can also now become a natural interlocutor for all the regulators at EU and national level, for instance on standards and regulation. It will also be able to communicate with citizens about blockchain, a technology which should not be associated with obscure cryptocurrencies but with transparency traceability and a secure environment.”

INATBA – It's Founding Principles

INATBA intends to create and continually serve to foster a firm legislative and open kind of regulative environment across the European continent. Providing the best kind of landscape in which to have Distributed Ledger Technology can spread across the world and evolve under the right kind of framework.

As a result of these aims, the INATBA was set out with a set of four cardinal principles in its website.

  • “Maintain a permanent and constructive dialogue with public authorities and regulators that will contribute to the convergence of regulatory approaches to blockchain and other distributed ledger technology globally.”
  • “Promote an open, transparent and inclusive global model of governance for blockchain and other distributed ledger technology infrastructures that reflects the shared interests of stakeholders from industry, start-ups and SMEs, civil society organizations, governments, and international organizations.”
  • “Support the development and adoption of interoperability guidelines, specifications, and global standards, to enhance trusted, traceable, user-centric digital services.”
  • “Develop sector-specific guidelines and specifications for the development and acceleration of trusted sectorial blockchain and DLT applications in specific sectors.”

    For more information on the INATBA, visit the website.

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