The blockchain technology is going global, thanks to the efforts of IBM, Ripple, and Swift. In fact, 100 other firms have joined their initiative of forming a group in the EU to promote technology worldwide.
Launched in Brussels, Belgium, the blockchain has been named as the International Association of Trusted Blockchain Applications (INATBA), which is also a European Commission initiative. It has been conceptualized to bring together all the users and producers of blockchain technology to promote its mainstream adoption.
Comprising of members like L’Oreal Barclays, Accenture, and BBVA, the union will create a framework to build a collaboration between the public and the private sector. It will also engage in dialogue between regulators and legislators, speaking to them about the legal predictability of the technology. The information gathered would then be communicated to the mass, helping them to take better business decisions. This will lead to the integrity and transparency of blockchain infrastructures. The guidelines dictating the functionality of the blockchain technology will also get a fresh look.
Some of the other notable participants include ConsenSys AG, which is an Ethereum development studio, Crypto mining firm Bitfury, R3, which is an enterprise blockchain firm, Ledger, which is the hardware wallet maker of cryptocurrency and protocol developer IOTA.
The formation of the committee was in the pipeline for quite some time now. BBVA’s head of research and development for new digital business, Carlos Kuchkovsky, said that the association would have an important role to play in terms of developing blockchain practices. It might also play an important role in avoiding fragmentation on a European Level.
The event will also organize an event for the joint declaration of support from members. The European Commission is keen on the adoption of blockchain technology. Last year, for instance, it formed the European Blockchain Partnerships (EBP), along with 22 countries. This was done to support the delivery of digital public services across the border, based on the technology. The EU Blockchain and Observatory Forum was also formed last February. The only member of the committee was ConsenSys.
Meanwhile, Mariya Gabriel, the Commissioner for Digital Economy and Society said that Europe must make more of technological innovations, which it cannot afford to miss. She also reinstated that the blockchain technology needs to be trusted because then only it will flourish.