The European Union (EU) has embraced the newly formed International Association of Trusted Blockchain Applications (INATBA), consisting of 105 different entities in an official ceremony at its Brussels headquarters this week.
Memorable moments from our #launch: hashing of #INATBA member signatures on several #distributedledgers, the assignment of our full board, and a group photo with @GabrielMariya .
A big thank you to everyone who made this event possible through preparing, speaking or attending! pic.twitter.com/iHvjSivbSb
— INATBA (@INATBA_org) April 4, 2019
Platforms such as Cardano, IOTA, Ripple, Lisk and Gnosis are listed amongst INATBA’s members as well as other blockchain industry heavyweights such as ConsenSys, Enterprise Ethereum Alliance, and Bitfury. They will work alongside established industry leaders such as IBM, L’Oreal and SAP as well as traditional financial institutions such as Barclays, SWIFT and BBVA. Two German stock markets, the Deutsche Boerse and Boerse Stuttgart, are also named.
One of the cornerstone objectives of INATBA is maintaining “…a permanent and constructive dialogue with public authorities and regulators that will contribute to the convergence of regulatory approaches to blockchain and other distributed ledger technology globally.”
By promoting public and private sector collaboration alongside creating a regulatory framework, the group’s stated aim is to “…unlock the full transformational potential and harness the benefits of blockchain and DLT for businesses, the public sector and society at large.”
The overall objective of the group is to promote good governance and best practices in the nascent blockchain industry. A document recorded on the blockchain reaffirms the founders intention to create and then expand the framework globally.
In his speech at the inaugural meeting of INATBA, Roberto Viola, Director General of DG Connect at the European Commission, said that although the Association already counted members from Europe, Canada, USA and Japan within their number, they should “…reach out to new members from Africa, Australia, South Korea, South America and India.”
The organisation has already attracted strong support from The European Commission, World Bank, European Bank for Reconstruction and Development as well as the UN World Food Program and UNICEF.
While a handful of political voices, such as Austrian Minister for Digital and Economic Affairs, Margarete Schramboeck, have recently urged that “…we do not need regulation for Blockchain” and that “Europe has a strong tendency to over-regulate…”, the INATBA initiative shows that powerful institutions do not agree.