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INATBA — EU’s Latest Move To Encourage Blockchain Adoption in 2019

The European Commission according to an April 3 press release, has launched the International Association of Trusted Blockchain Applications (INATBA) in Brussel, Belgium on Wednesday.

This global multi-stakeholder forum, INATBA, unites some banks and notable giant tech firms like IBM, Ripple, BBVA, L’Oreal, SWIFT and 100 other firms, solely for the adoption of Blockchain technology across EU. It also involves some blockchain startups namely;

  • Cryptocurrency protocol developer IOTA
  • Ethereum development studio ConsenSys AG
  • Blockchain firm R3
  • Bitfury and
  • cryptocurrency hardware wallet maker, Ledger.

The new collaborative effort by the European Commission has one goal, which is, to encourage the unification of Blockchain developers and users and establish a good standard for blockchain infrastructures.

It also will feature a framework to make guidelines for blockchain and other applications on a distributed ledger, and facilitate dialogues with regulators and policymakers.

BBVA’s head of research and development for new digital business, Carlos Kuchkovsky said in November that INATBA would redress the issue of fragmentation in the EU sector and also provide best standards for blockchain.

Different discussion sections on the potentials of blockchain in the EU was the highlight of  INATBA’s launch in Brussels on Wednesday. EU Commissioner for Digital Economy and Society, Mariya Gabriel delivered the keynote address.

Interestingly, INATBA is not the first cognitive association created by the European Commission to encourage the adoption of blockchain technology by member countries. In April 2018, the EU, in collaboration with 22 countries, established the European Blockchain Partnership (EBP) to facilitate international delivery of digital services relating to technology.

Coinfomania also reported in September that crypto industry leaders such as Coinbase and Circle came together to form a blockchain association in Washington DC.

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