The European Union announced the launch of the International Trusted Blockchain Association (INATBA); The group included SWIFT, IBM, Ripple and about 100 more companies. The news is published on the official website of the European Commission on April 3.
The new association seeks to unite industry startups, small and medium enterprises, regulators and standardization bodies to promote the wide distribution of the blockchain and distributed registry technology (DLT) in various sectors.
“In the modern economy there is not enough time to build confidence in the ways that were used in the past. To fight cancer, produce renewable energy, keep track of the authenticity of goods, subjects must be able to trust each other without meeting face to face. And how can we achieve this? Of course, with the help of the blockchain, ”said European Commissioner for the Digital Economy and Society Maria Gabriel.
INATBA will reportedly promote the use of decentralized technology by creating a special regulatory framework. The organization plans to implement a framework for public-private cooperation, as well as to ensure the integrity and transparency of the blockchain infrastructure. In addition, the association will develop guidelines and specifications for blockchain-based and distributed registry-based applications.
In addition to SWIFT, IBM and Ripple, the group included a number of large companies and technology startups. These include Barclays and BBVA, Accenture consulting company, world’s leader in perfumery and cosmetics L’Oreal, Ethereum ConsenSys AG development studio, Bitfury mining software developer, R3 blockchain consortium, IED cryptographic vendor and IOTA cryptocurrency protocol developer.
It is worth noting that distributed registry technology is often regarded as a tool for economic growth. So, a month ago, Ethereum co-founder Joseph Lubin (Joseph Lubin) predicted that the introduction of the blockchain would provide a ten-fold increase to the global economy. Earlier in February, French President Emmanuel Macron said that the blockchain would help the EU become a leader in innovation in the agricultural sector.