EU Established International Association of Trusted Blockchain Applications

By Daniel T. | April 6, 2019

The European Union has officially launched the International Association of Trusted Blockchain Applications (INATBA), according to its press release published on Apr 3.

Per the document, INATBA goals are to help industry startups, small and medium enterprises (SMEs), regulators and standard setting bodies foster the mainstream enlargement of blockchain and distributed ledger technology (DLT).

“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,” said Mariya Gabriel, European Commissioner for Digital Economy and Society.

The press release further reads that INATBA is adopting a regu framework to promote the use of blockchain-related technologies. It declares:

“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.”

At the ceremony, about 100 members have reportedly signed the charter, including IBM, leading blockchain solutions firm Accenture, telecommunication company Deutsche Telekom, along with IOTA, Ripple, ConsenSys, and the Sovrin Foundation. Furthermore, 48 organizations have applied for the membership of the associations on the day of the event.

The Crypto Sight reported last month (Mar 14), the EU has required new standards for blockchain transaction and operation, which reveals the EU current and future plan for the crypto-related industry.

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