Cryptocurrency News

European Union Launches New International Blockchain Association

April 12, 2019


European Union Launches New International Blockchain Association

Last week, the European Union announced the creation of the International Association for Trusted Blockchain Applications (INATBA). The global blockchain association aims to encourage the “global governance and development of blockchain technology.”

The Commissioner for Digital Economy and Society, Mariya Gabriel, who provided the keynote speech for the association’s inaugural meeting, said:

“Europe must make more of technological innovation and blockchain technology is an innovation that Europe cannot afford to miss. As digital services become increasingly widespread, we need to be able to trust their security and reliability, and blockchain offers myriad possibilities in this regard.”

According to reporting by Adrian Zmundzinski of CoinTelegraph, more than 100 members have signed onto the charter. These charter members include IBM, Accenture, Deutsche Telekom, Iota, Ripple, ConsenSys, and the Sovrin Foundation. The article by Zmundzinski provides an additional quote from Mariya Gabriel, who states:

“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.”

In a follow-up article, Simon Chandler of CoinTelegraph adds that the INATBA, which is charged with “supporting interoperability, developing specifications, promoting standards and regulatory convergence to support the development and exploitation of innovative blockchain technologies,” has shied away from cryptocurrencies. Chandler states, “talk of cryptocurrencies was conspicuously absent during the launch of INATBA.”

Additional comments were provided by Chandler’s article. Dominik Schiener, a co-founder and co-chair of the Iota Foundation, said:

“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.”

Massamba Thioye, manager of the Sustainable Development Mechanism at the U.N. Framework Convention on Climate Change, said, “For adaption, it can help enhance the resilience of supply chains, and this is extremely important. On mitigation, it opens a completely new area of action, particularly in the context of measurement of impact of climate action.”

Paco Garcia of the Yoti platform said, “Some of the things that I think INATBA can help with is stopping the multiple proliferation and divergence of standards across different organizations in multiple jurisdictions.” Garcia continued, “I think INATBA can be that kind of force of convergence. Not only on a technology level, but also across different sectors vertically.”

Previous EU involvement in blockchain technology includes launching the European Blockchain Partnership as well as the EU Blockchain Observatory and Forum. Blockchain technology is also a key part of the FinTech Action plan and the Digital Europe Programme.