EU takes lead in blockchain with INATBA

Over 100 cryptocurrencies have recently launched a new EU-backed organization called the International Association for Trusted Blockchain Applications. INATBA was launched at the European Commission headquarters via a ceremonial digital signing.

The organization includes strong market players such as Ripple and IOTA. It is meant to be an organization that will bring together multiple stakeholders in the blockchain market. This will allow both user and developers of blockchain applications to work with regulators to move the technology forward.

It is not only to move the technology forward but to gain the trust of end users and mainstream appeal. This move, it is hoped, will put people at ease with Distributed Ledger Technology. The European Union wants its citizens to have all of the increased benefits that blockchain brings. It will not, however, allow it to facilitate crime in the borders of members nations.

INATBA, according to various spokespeople from among the gathered representatives of cryptocurrencies, plans to push three objectives. These can be found on its website.

The first objective of the fledgling organization would be to “promote an open, transparent and inclusive global model of governance for blockchain and other distributed ledger technology infrastructures and applications.”

Secondly, would be to oversee interoperability and global standards. The organization and all members feel that working in private and with no guiding hand, the market will fracture. This will negatively impact the mainstream view of Distributed Ledger Technology and could put blockchain back by decades. A key part of this would be to foster services that focus on trust and are user-centric as possible. No users, industry players say, means no money or investment.

Third, the organization is looking to create industry, or sector, specific guidelines. This is so that blockchain growth can be accelerated in a meaningful way. It also aims to foster a spirit of competition as opposed to the reinvention of the wheel or opposing standards.

Many int he crypt community have described this approach as giving everyone the same hymn sheet and choosing who sings better. An objective view of differences that are based on the same underlying principle.

Every single member that joined the organization agreed to certain goals that were deemed non-negotiable. Among them were the interoperability guidelines, promoting inclusivity and being transparent. Transparency remains a stumbling block for regulators who do not have a technologically savvy division.

It is hoped that by signing this agreement, the regulating bodies will learn to trust the community, the market and the developers of the new tech. Fostering open relationships between all stakeholders is paramount. Every signatory to the forum formally agreed to all goals.
Maria Gabriel, EU Commissioner for Digital Economy, believes that blockchain will be a driving force for the EU economy. She hopes that this forum will accelerate the progress of blockchain applications among member states and reward those companies who are open with the various EU regulatory bodies. Above all, this should show that the EU is willing to work new technology as long as the technology is transparent and for the benefit of the entire population.

Many other international agencies have joined this group, int he hopes that change can be spurred on faster with more weight being thrown behind it. The OECD, UNICEF and the World Bank are among the organizations that want to see blockchain succeed.

Author: Ali Raza. Article For: Crypto-Rating.com