As per the recent reports, the not-for-profit IOTA Foundation has joined INATBA, short for International Association of Trusted Blockchain Applications, as its recognized founding member. IOTA supports the standardization and development of latest DLTs (distributed ledger technology).
The Foundation primarily concentrates on the protocol of IOTA Tangle that is specially conceived for the environment of IoT, short for Internet of Things. It’s an open source convention that facilitates interactions between machines such as secure transfer of data, real-time small payments without fees, and collection and circulation of sensor-backed as well as other data.
But what exactly is INATBA?
The INATBA has been formed with the core objective of encouraging the utilization of DLTs by creating a transparent, reliable and predictable global framework. Moreover, it provides the users and developers of DLT with a global platform to establish interaction with both policymakers and regulators and take the technologies of blockchain and DLT to another level.
The basis of this initiative comes from the EU Blockchain Industry Round Table, a group hosted by the EC or European Commission to determine the correct conditions that boost DLT. The Associated came into existence in March and has over a hundred founding members that belong to diversified industry verticals. Some of these members include renowned blockchain providers and major DLT providers in addition to start-ups, users, business as well as sectoral entities.
The event of digitally signing this association will take place at the headquarters of the EC. The event will see significant personalities as attendees and speakers. While Mariya Gabriel, the European Commissioner, and Roberto Viola who is the director-general, are declared to be hosting the signing, Mariya will also give the keynote speech.
According to reports, the Tangle network of IOTA and other DLTs will hash these digital signatures to build an audit stream of this signing.
On this development, IOTA Foundation’s co-chair and co-founder Dominik Schiener said that it is essential to develop a regulatory system around the blockchain technology and DLTs to enable their growth and mass adoption.
He continued saying that they are excited to have joined the esteemed list of INATBA’s founding members and they have also formed their own public administrating affairs team for leading this effort. The size and strength that this association brings along with the EC and governmental support only showcase the future potential for DLTs which appears to be limitless.
The goals of Founding Members
As a founding member, IOTA Foundation will be expected to contribute collaboratively towards achieving the primary goals set out by the INATBA:
- To maintain an ongoing dialogue with regulators and public authorities which will contribute when it comes to combining regulatory approach to DLT and blockchain technology globally.
- To encourage a transparent, inclusive and open governance model globally for DLT as well as blockchain infrastructure and apps. A model which reflects the joint interests of all the stakeholders – from SMEs and start-ups to industries, governments, international organisations and civil society corporations.
- To support development as well as the adoption of global standards, interoperability guidelines and specifications, to improve traceable and trusted digital services that are user-centric and sustain the transparent, inclusive and open practice of multi-partner cooperation.
- To develop division-specific specifications and guidelines for development and advancement of reliable sectorial blockchain as well as DLT apps in particular sectors, for instance, health, financial services, and supply chain.
The enterprises are now asking other blockchain partners to come forward and join the INATBA so that the technology can be further developed and deployed around the globe.