By
Mayowa Adebajo
April 18th, 2024
More than 100 organizations and firms including IBM, Ripple and Swift signed a charter to join a newly created International Association of Trusted Blockchain Applications.
The 3rd of April became an important day for the blockchain sphere in the European region as it was the day when politicians, corporations, and a wide range of blockchain startups gathered together at the official ceremony at the European Commission in Brussels to sign a charter to create an association. More than 100 firms already joined the group, including such prominent industry’s players as IBM, SWIFT, and Ripple.
European Commission’s Blockchain Strategy
The association is called the International Association of Trusted Blockchain Applications (INATBA) and its goal is to lead the regulatory and business reforms that are necessary to promote and support the adoption of distributed ledger technologies.
It’s worth mentioning that the association hasn’t appeared from scratch. Before its launch, a number of forums and roundtables were held by the commission with a view to elaborating a strategy around the emerging technology.
A year ago, with a view to ensuring close cooperation on related topics between the countries, a blockchain partnership declaration was signed by EU member states. And an EU Blockchain Observatory and Forum has been established by the Commission.
Given the fact that blockchain is being actively adopted these days in many sectors and industries in Europe and all around the world, the European Commission has decided to choose this technology as one of its priorities and to study the potential impact that its adoption may have as well as to implement it across a number of initiatives.
The creation of the INATBA is only one of the steps towards the realization of the chosen strategy.
Blockchain Association
The signing of the official charter took place at an event hosted by European Digital Commissioner Mariya Gabriel and Roberto Viola, the EC’s Director General of Communication, Networks, Content, and Technology.
More than 100 members of the European Commission were invited to sign it among them were the representatives of such prominent companies as Deutsche Telekom, Accenture, IBM, and Swift.
Moreover, the list of the companies included multiple blockchain-related firms such as well Ripple, ConsenSys, the Sovrin Foundation, Bitfury, Ledger and Iota.
The companies are very positive about this initiative. For example, Dominik Schiener, co-founder and co-chair of IOTA Foundation, stated:
“Developing a regulatory framework around distributed ledger and blockchain technologies is essential to their widespread adoption and growth. We have established our own Public Regulatory Affairs team to lead this effort and are excited to be one of the founding members of INATBA.”
He further added:
“The strength and size of this association, as well as the support of the European Commission and other governments, only further shows the future limitless potential for distributed ledger technologies.”
The newly created association is said to be aimed at joining the forces small and medium enterprises, industry startups, regulators, and others. Such a team working together will be able to bring blockchain and distributed ledger technology into the mainstream focus.
According to Mariya Gabriel, blockchain can open new opportunities for many spheres. And it is a weighty ground to promote its adoption.
The association has an important task to create friendly conditions for the use of decentralized tech through a regulatory framework that is said to ensure transparency and integrity within the industry.