European Union Blockchain Group To Be Introduced With Ripple, SWIFT Onboard

As per the recent reports, soon-to-be-launched blockchain association will have over 100 significant companies in the likes of Ripple, IBM, and SWIFT coming onboard to serve its purpose of promoting mass technology adoption across the European Union.

The newly formed group called the INATBA, short for International Association of Trusted Blockchain Applications is an initiative by the European Commission. It is slated to be launched in Belgium’s Brussels on Wednesday. The primary purpose behind the establishment of INATBA is to unite blockchain users as well as developers for promoting the technology’s conventional adoption across various sectors. The endeavour has been formed as an international multi-partner convention.

Among the many plans of this blockchain group, primary ones are listed as follows:

  • To develop a framework that smoothly facilitates private and public sector collaboration
  • To ensure transparency and integrity in the blockchain infrastructure
  • To promote dialogue with policymakers, legal predictability, and regulators
  • To build specifications and guidelines for DLT and blockchain-based apps

The blockchain association has diversified entities on its prestigious list of members. In addition to big crypto and technology companies, the group boasts of a number of prominent banks like BBVA and Barclays and consultancy companies like Accenture. In fact, it also has L’Oreal, the world-renowned French beauty care company, as its member.

Balancing this list of such eminent members are several blockchain start-up firms which include Bitfury which is a cryptocurrency mining company, ConsenSys AG which is an ETH development studio, Ledger which is a maker of crypto hardware wallet, R3 which is an enterprise blockchain entity, and IOTA which is into digital currency protocol development.

For the past several months, the crypto enthusiasts have been able to track all the latest development of INATBA. Carlos Kuchkovsky, who heads BBVA’s R&D department for upcoming digital business, had stated in last year’s November that this group could be playing a very important role with regards to building best standards and practices for blockchain as well as refraining from fragmentation at a European level.

It is learnt that the inauguration of the group in Brussels will have notified officials from the European Commission in attendance who will also be speaking at the event. The keynote will be provided by Mariya Gabriel, the Digital Economy and Society Commissioner. The event will also see panels, for instance, a talk on blockchain’s potential. Moreover, the event will also have a joint support declaration on various blockchains recorded from its members.

Off late, the EC has been making consistent efforts in support and adoption of the blockchain technology for which it has also introduced a few initiatives. Last year in Spring, it had founded EBP, short for European Blockchain Partnership, with as many as 22 member nations. It had also formed the European Union Blockchain Observatory and Forum in last February where ConsenSys also holds a membership.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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