The European Commission has launched an initiative to promote the adoption of blockchain technology in Europe. The so-called International Association of Trusted Blockchain Applications (INATBA) is a ‘global multi-stakeholder forum’ aimed to connect developers and users of blockchain technology and to promote mainstream adoption.
The initiative is supported by a great number of major organizations, including financial institutes SWIFT and Ripple, major banks BBVA and Barclays, IBM, Deutsche Telecom, beauty product giant L’Oreal, and companies that are already invested in blockchain and crypto, like ConsenSys, Accenture and Iota.
The association will build a framework to encourage collaborations between public and private sectors, dialogue with regulators and above all legal predictability. Thanks to blockchain technology, different actors within complicated production processes would be able to trust each other without ever meeting each other.
The realm of blockchain and crypto is slowly getting more public attention. First it was just the rise of digital gold, but now the technology is being embraced by China, the European Union and the United States. Countries are developing their own cryptocurrencies, major commercial companies are implementing blockchain technology to create a better production process, and consumers slowly see new products replacing the old.
Also published on Medium.