The rise in global blockchain adoption saw another milestone today when a total of 105 blockchain founders joined hands to create the International Association of Trusted Blockchain Applications (INATBA) at the European Commission’s Brussels headquarters.
The formation of INATBA would help the case of blockchain adoption as the founders include some of the most well-known crypto project founders. The list of 10 members includes Ripple, ConsenSys, Quant Network (QNT), the IOTA Foundation (IOTA), Gnosis (GNO), Unibright (UBT), and MADANA.
The International Association of Trusted Blockchain Applications has been formed to promote the new and upcoming projects based on distributed ledger technology and also help them overcome some of the most notorious problems in the crypto space including scalability issues.
The INATBA is a global initiative and the website for the same has outlined four major goals which include,
- maintain a permanent and constructive dialogue with public authorities and regulators to help converge regulatory approaches to the blockchain
- promote an open, transparent and inclusive model of governance for blockchain and other [DLT] infrastructure and applications.
- support the development and adoption interoperability guidelines, specifications and global standards
- create sector-specific guidelines and specifications for the development and acceleration of trusted sectorial blockchain and DLT applications in specific sectors.
The INATBA comprises of all kinds of partners where apart from the noted public chain projects like Ripple, the majority partners include micro-sized businesses while the small and medium-sized businesses account for the 20% of the total 105 members.
The Future of INATBA
The INATBA is legally recognized and the next step for the founding members would be to decide and plan out a roadmap for the course of actions in the future. An image tweeted by a non-profit trade association suggests that the next meet up for the members are scheduled on 5th April for an inaugural general assembly, which would also see a media event to officially launch the INATBA.
The formation of INATBA in itself is a major milestone and hopefully, the members of the association would be responsible for enhancing many blockchain projects in future and also help some of the existing ones to get rid of major issues they have been facing.