European Commission’s Blockchain Initiative Officially Launches

Blockchain, Group, News | April 4, 2019 By:

The European Commission (EC) has officially launched its blockchain initiative that includes over 100 firms and organizations.

Called the International Association for Trusted Blockchain Applications (INATBA), the blockchain initiative brings together industry, startups and SMEs, policy makers, international organizations, regulators, civil society and standard setting bodies to support blockchain and distributed ledger technology (DLT) to be mainstreamed and scaled-up across multiple sectors. It is an initiative by EU’s European Blockchain Partnership, the result of close collaboration of 26 EU countries.

INATBA, which was officially launched in Brussels, Belgium on April 3, currently has 105 founding members, including Accenture, Ambrosus, Bitfury, COCIR, ConsenSys, FIBREE, Fujitsu, Gnosis, IOTA, JOLOCOM, Konfidio, L’OREAL, Quant Network, Ripple, SAP, SWIFT, Unibright, and Volksbank Mittweida eG, among others. Founding members will be working together to develop a framework that promotes public and private sector collaboration, regulatory convergence, legal predictability and ensure the system’s integrity and transparency.

Dominik Schiener, co-founder and co-chair of IOTA Foundation, said that developing a regulatory framework around distributed ledger and blockchain technologies is essential to their widespread adoption and growth.

“We have established our own Public Regulatory Affairs team to lead this effort and are excited to be one of the founding members of INATBA,” said Schiener. “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.”

Ripple CEO Brad Garlinghouse said that inclusion of Ripple as founding member in INATBA is an honor – as such he encouraged favorable regulations for the cryptocurrency market.

“This really is a pivotal time for the distributed ledger technology industry,”Garlinghouse said. “It’s critical that as an industry we come together and engage with regulators and governments globally. The work we are seeing with the European Commission is pivotal and can be leading in this effort. We’re thrilled to be involved and look forward to being a leading participant.”