At a ceremony today at the European Commission in Brussels, politicians, corporations, and a wide range of blockchain startups signed a charter to create an association whose goal is to promote the regulatory and business reforms needed to boost adoption of distributed ledger technologies.
The International Association of Trusted Blockchain Applications (INATBA) grew out of months of forums and roundtables held by the commission to create a strategy around the emerging technology. As the adoption of blockchain continues across a wide range of sectors, the European Commission has made it a priority, studying the potential impact and encouraging it across a number of initiatives.
The INATBA is one such initiative. The official charter was signed today at an event hosted by European Digital Commissioner Mariya Gabriel and Roberto Viola, the EC’s Director General of Communication, Networks, Content, and Technology.
The signees — more than 100 organizations — range from corporate giants such as Anheuser-Busch and Accenture, to some of the most influential distributed ledger startups, such as ConsenSys and Berlin-based IOTA.
“Developing a regulatory framework around distributed ledger and blockchain technologies is essential to their widespread adoption and growth,” said Dominik Schiener, cofounder and co-chair of IOTA Foundation. “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. 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.”
INATBA’s mission will be to facilitate and promote DLT-related technologies by organizing forums where regulators and policymakers can interact with corporations and startups to develop the necessary regulatory incentives for the technology to evolve. In signing the charter and joining the association, the founding members agreed to a broad range of goals such as creating interoperability guidelines and standards, promoting transparency, and emphasizing inclusiveness.
The INATBA grew out of the EU Blockchain Industry Round Table, a European Commission-hosted group that studied the conditions needed for distributed ledger adoption. In April 2018, 27 EU member states signed a blockchain partnership declaration, agreeing to cooperate on related topics. And the Commission has created an EU Blockchain Observatory and Forum to boost innovation in the field.