New blockchain association arises in EU

Posted 04 April, 2019

On April 3, a new blockchain association appeared in Europe with about 100 EU organizations, including such giants as IBM, SWIFT, Ripple. The initiative will be aimed at the promotion of blockchain technologies in the EU.

According to the press release, the new association called The International Association of Trusted blockchain Applications (INATBA) is expected to throw together market players, representatives of the industry as well as new projects, international organisations, representatives of regulatory authorities to boost and promote implementation of the blockchain and Distributed Ledger Technology (DLT).

"To unlock the full transformational potential and harness the benefits of blockchain and DLT for businesses, the public sector and society at large, 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," as the announcement reads.

The total number of its members will amount to 105 organizations, including Ripple Labs, Consensys AG, Bitfury, IBM and others, are said to bolster development of a transparent and inclusive model of governance.

It should be mentioned, the association has got backing from the key international bodies like the European Commission, the World Bank, the OECD, UNICEF, the European Investment Bank, etc.

Mariya Gabriel, European Commissioner for the Digital Economy and Society said during the inauguration held in the European Commission Headquarters:

 “We are thrilled to see that over 100 companies and organizations have partnered together to help develop the framework for distributed ledger technologies in Europe.”

The EC representative also added that the blockchain technology is believed to be the main driver of the EU economy in the coming years. The INATBA will make it possible to create an environment in which the EU members will become interested in the implementation of the blockchain. 

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