The European Union’s International Association of Trusted Blockchain Applications (INATBA) has officially launched on April 3, with Ripple as one of the organization’s founding member.
Underscoring the importance of cooperation between regulators, governments, and the crypto industry in implementing effective financial governance, Ripple CEO Brad Garlinghouse emphasized:
“It’s an honor and really a privilege for us to be one of the founding members of the International Association for Trusted Blockchain Applications. This really is a pivotal time for the distributed ledger technology industry. It’s critical that as an industry we come together and engage with regulators and governments globally. The work we are seeing 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.”
— Ripple (@Ripple) April 1, 2019
Joining Ripple, the organization is also comprised of other Blockchain-related firms, including Iota, Ripple, ConsenSys, and the Sovrin Foundation. As it stands, over 100 members have already signed the charter, including IBM, Accenture, and Deutsche Telekom.
Initially announced in March, INATBA was launched in a bid to promote mainstream adoption of blockchain and distributed ledger technology (DLT) by bringing together industry startups as well as small & medium enterprises (SMEs), serving as a global forum that allows developers and users of DLT to interact with regulators and policymakers. Specifically, the global association aims to develop a transparent and inclusive model of blockchain governance, outline global and sector-specific guidelines for DLT apps, as well as set standards among participants for interoperability.
Emphasizing EU’s commitment to promoting blockchain development, European Commissioner for Digital Economy and Society Mariya Gabriel underscored during the Brussels ceremony:
“In today’s economy, there is less and less time to build trust in the way it happened in the past. To fight cancer, to balance renewable energy, to trace the authenticity of goods, actors must be able to trust one another without meeting face-to-face. And how can we achieve this? Of course, with the help of blockchain.”
In addition, INATBA also seeks to promote the adoption of decentralized technologies by creating a dedicated regulatory framework, noting that:
“INATBA aims to develop a framework that promotes public and private sector collaboration, regulatory convergence, legal predictability and ensures the system’s integrity and transparency.”
During its official launch last Thursday, the organization has additionally received 48 applications from organizations vying for membership.