One of the main events of this month in the blockchain field was the unification of 105 largest companies into a single European organization INATBA (International Association of Trusted Application of the Blockchain).
Among its leaders are SWIFT, Ripple, IBM, Bitfury, Consensys AG and other companies.
The event is remarkable in that in October-November 2018, representatives of the company SWIFT denied all rumors about cooperation with Ripple. Although both organizations were engaged in the creation of innovative solutions based on blockchains for conducting bank transfers. What has changed during this period?
EU countries unanimously believe in the prospects of blockchain technology. The digital economy is considered by Western countries as one of the formative directions for improving and stabilizing economic processes in the next 5-10 years. Analysts are on the same page that the same XPR token can compete freely with the global payment system.
The position of the European Union on digital technology and the blockchain has become a prerequisite for signing a joint memorandum. In December 2018, 7 EU countries (Cyprus, France, Greece, Italy, Malta, Portugal and Spain) signed a document that laid the foundation for the future promotion of blockchain technology. Participants set themselves the task of transforming and adapting their economies to a promising direction. This event later served as the foundation of the organization INABA.
Now, SWIFT, Ripple, IBM, Bitfury, Consensys AG and another 100 other companies will join their forces to work on a transparent model of regulation of blockchain technologies and a single standard of their compatibility. Among the consultants of the new organization is already the European Commission, the European Investment and the World Bank, UNICEF and OECD.
Maria Gabrielle is European Commissioner for the Digital Economy and Society, commented on the event to the public:
“We are pleased more than 100 companies will create the basis for a distributed registry of blockchain technology in Europe. The cooperation of INABA members will serve as a visible sign for other states. We expect the blockchain will become a guiding force in the European economy in the coming years and will be able to attract other EU states to the project”.
Editor of IMD News