Business

Dennis Wafula

Over 100 organizations join EU-backed blockchain association

Ripple, IOTA, and over 100 other cryptocurrencies recently launched the International Association for Trusted Blockchain Applications (INATBA) with a ceremonial digital signing at the European Commission headquarters.

INATBA is forum for all blockchain issues. It has been formed to help users and developers of distributed ledger technology (DLT) to keep in touch with regulators and governors.

Reportedly, INATBA has three main objectives. Firstly, the forum will “promote an open, transparent and inclusive global model of governance for blockchain and other distributed ledger technology infrastructures and applications.”

Secondly, it will support the development and adoption of interoperability guidelines, specifications, and global standards. This should enhance trusted, user-centric digital services, multi-stakeholder cooperation and traceable.

Lastly, INATBA will create sector-specific guidelines and specifications for the development and acceleration of trusted sectorial blockchain and DLT applications in specific sectors such as health, financial services, energy, supply chain, and financial inclusion.

While signing the charter and joining the association, the founding members agreed to many other goals such as creating interoperability guidelines and standards, promoting transparency, and inclusivity. CEO of Ripple Brad Garlinghouse said:

“This is a pivotal time for the distributed ledger technology industry. It is critical that as an industry we come together and engage with regulators and governments globally. The work we see 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.”

 The European Commissioner for the Digital Economy and Society, Mariya Gabriel, added:

“It signifies that blockchain technology will be a driving force for our economy in the coming years, and through INATBA we will be able to foster an environment that encourages the application of the technology across the EU member states.” 

This initiative had strong backing from leading international organizations. These included; the European Commission, the OECD, the World Bank, the UN World Food Program, UNFCCC, the European Investment Bank, UNICEF, the European Bank for Reconstruction and Development.

In addition, the OECD has joined INATBA’s Governmental Advisory Board. All EU Member States and the European Blockchain Partnership are also expected to participate as governmental advisors.

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