European Union Establishes Platform To Unite Blockchain Industry Players and Foster Growth

On April 3rd, 2019, the European Union has announced on its official website the launch of a new body: the International Association of Trusted Blockchain Applications (INATBA). Over the recent months, the European Union has made several concerted attempts to embrace blockchain technology, with leaders from European countries, such as French President Macron, calling for greater European cooperation in this regard.

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As per reports, a ceremony was held at Brussels, at the office of the European Commission for finalizing the launch. Over 100 firms, including several industry leaders, have signed the charter for the same. Some of signatories are IBM, Deutsche Telekom and Accenture. The representation from the hardcore blockchain-based firms includes companies like IOTA, ConsenSys, Ripple and the Sovrin Foundation.

The newly established INATBA has the objective of providing a platform that brings together various players of the blockchain sector. Such players would include everyone from regulators and authorities to small and medium enterprises (SMEs). Startups to standard setting bodies are all expected to collaborate via the INATBA to promote the widespread adoption of blockchain and DLTs (distributed ledger technologies).

Mariya Gabriel, who serves as the European Commissioner for Digital Economy and Society, stated that the European Union is determined to encourage the steady growth of blockchain in the member countries. She noted:

“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 newly established body will reportedly also attempt to come up with a specific and comprehensive framework of regulations to foster the development, application and adoption of various decentralized technologies. The statement published tells us:

“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.”

Clearly, with the launch of the INATBA, the EU just took another step towards widespread use of blockchain technology.