SWIFT, Ripple, Accenture, Barclays, BBVA, Deutsche Börse and R3 are among the 105 founding members of the International Association of Trusted Blockchain Applications.
A new global association aimed at advancing the development of blockchain has begun to take shape, aimed at enhancing trust in the technology and promote compatibility of blockchain solutions across the world.
The INATBA (International Association of Trusted Blockchain Applications) will provide a global forum for developers and users of DLT (distributed ledger technology) to interact with regulators and policymakers.
The European Commission has been encouraging industry to set up the INATBA, including through facilitating discussions and meetings, in a bid to promote compatibility of blockchain solutions across the world.
“European efforts to bring DLT to the next stage would remain ineffective if they were not compatible with solutions developed elsewhere in the world,” said Commissioner for Digital Economy and Society Mariya Gabriel at the launch event earlier this month.
INATBA brings together industry, startups and SMEs, policy makers, international organisations, regulators, civil society and standard setting bodies to support blockchain and DLT to be mainstreamed and scaled-up across multiple sectors, the Commission says.
Among the association’s 105 founding members are organisations heavily entrenched in the financial industry – including SWIFT, Ripple, Accenture, Barclays, BBVA, Deutsche Börse and R3 – but it also spans a broad array of other sectors including energy, health and social economy.
The INATBA is expected to:
- promote an open, transparent and inclusive global model of governance for blockchain and other DLT infrastructures;
- support adoption of sector-specific and interoperability guidelines; and
- establish a dialogue with public authorities and regulators at a global scale.
INATBA is asked to adopt an “ambitious work programme” for 2019 before the summer, setting out priorities not only where blockchain technology is already advanced, but also where it can in the long term generate its greatest benefits for society.