The INATBA, short for International Association for Trusted Blockchain Applications, of the European Commission will be welcoming the Cardano Foundation as one of its founding members, according to reports. The establishment of such collaboration is a milestone in itself, not only for the digital currency world but also for the acceptance of blockchain technology. As per the official announcement, the association is honored on on-boarding Cardano for all that’s happening in Europe in the niche of framework development and discussions.
— Cardano Community (@Cardano) March 19, 2019
This kind of association is being launched by the European Commission as it thinks blockchain has what it takes to bring significant improvements to various industries. Moreover, the association also wishes to build a collective approach that the EU can rely on.
So far, the European Union has been associated with a number of activities related to the technology of blockchain, which is listed as follows:
- In April last year, Liechtenstein and Norway in addition to European Union’s 26 states had signed a memorandum which created the roots for European Blockchain Partnership. It was meant to assist in the formation of the service infrastructure for the European blockchain.
- Last year in February, the EU went on to introduce the European Union Blockchain Observatory and Forum. The primary objectives of this entity were outlined as mapping central initiatives, inspiring common actions as well as monitoring all the developers. From the date of its launch until now, it has issued 2 thematic reports.
Continuing its determined run, the EU has now launched INATBA that’s made up of multiple founding members, the sum of which totals to 105. These members come from diversified industries and comprise of regulators, startups, policy makers, SMEs, industry, standard setting corporations, as well as civil society. Cardano Foundation, as one of the members, will be joining this international forum of esteemed entities in achieving the following 4 objectives:
- To continue a constructive and permanent dialogue with regulators and public authorities that are involved in the contribution of merging regulatory means to DLTs and blockchain, across the globe.
- To encourage a transparent, inclusive and an open international governance model for blockchain technology and DLT applications and infrastructure. A model which reflects the joint interests of all the involved members, whether they belong to a startup, government, or a global enterprise.
- To support development as well as the adoption of specifications, global standards, and interoperability guidelines in order to improve reliable, user-focused and traceable digital services while sustaining multi-partner entity’s inclusive, open and transparent method.
- To build industry-specific specifications and guidelines for developing and boosting reliable industrial blockchain and distributed ledger technology applications in distinct sectors.