Based on a recent report, the European Commission is already making moves targeted at creating a blockchain association. The association is expected to take full formation by next year. The EU’s executive body has also confirmed that several banks have shown interest and are already on board. The European Commission has also given the association a name— International Association for Trusted Blockchain Applications (IATBA).
International Association for Trusted Blockchain Applications (IATBA)
The recent EU blockchain roundtable which took place on Nov. 20 in Brussels, Belgium, called “Bringing industries together for Europe to lead in blockchain technologies,” was where the initiative was announced.
BBVA— a major Spanish bank made it known through a recent announcement that it has joined the association. The bank made it known that about four other major banks have joined. There has also been a rumour that the Santander group has also shown interest in the association.
The commission has also made it known that it is expecting the association to become a legal entity as early as first quarter of 2019.
According to BBVA, the “new association will have representatives from both public and private sectors with an aim to “garner support from private blockchain and [distributed ledger technology] experts to contribute to outlining the EU’s strategy regarding these technologies, ”
The commission made it clear that the new association will help toward the development of guidelines and protocols for the blockchain industry. It will also help promote the EU’s blockchain standards internationally.
The commission is also looking to have the association help with the implementation of Europe’s blockchain strategy.
The European Commission Association will Help Advance Blockchain Technology in Europe
According to Carlos Kuchkovsky, BBVA’s head of research & development for new digital business, the association could have an important role to play in terms of “establishing blockchain best practice and standards and at avoiding fragmentation on a European level.”
Kuchkovsky further stated that:
“Blockchain is not only a technology, but it engenders new business models creating a tokenized economy and paving the way to a decentralized economy in the future.”