Ripple and SWIFT have become members of the European Blockchain group that aims to promote adoption and regulation of the new technology.
INATBA ( International Application for Trusted Blockchain Application ) was initiated by the European Commission and already has more than 100 Blockchain companies with Ripple, SWIFT and IBM among its most recent entrants.
The launch of this new association is set to be held next Wednesday in Brussels with its fundamental theme being the promotion of Blockchain in different sectors across the European continent.
During this event, the main actors will talk about the state of the Blockchain technology, how they could start dialogues with policymakers and regulators to ensure transparency and efficiency as well as the impact of this technology on the private and public sector.
Backed By Major Companies
This association has attracted many notable companies in its quest to accomplish its purpose. Even though this is not the first time the EU has shown interest in blockchain initiatives this new move has attracted many firms set to join the blockchain association.
Some of the members of the association are Bitfury, a cryptocurrency mining company, Consensys AG, LEDGER, which is specialized in the production of cryptocurrency hardware wallet, R3, a Blockchain-related enterprise and IOTA, the smart city company.
In addition to those Blockchain-firms, INATBA is also backed by other entities such as banks like Barclay and BBVA, the consultancy firm Accenture and the French cosmetic behemoth L’Oreal, a supporter of the project.
Europe Towards Blockchain Adoption
Carlos Kushkovsky, head in BBVA stated last November that the organization could be an important actor in the Blockchain industry in the coming years. He hinted that it could provide better standards while trying to develop the technology within the continent.
During the upcoming inauguration of the association, many European Commissioners are scheduled to speak at the event. The keynote speaker will be the Digital Economy and Society commissioner, Mariya Gabriel.
This event will attract many European authorities in the industry as well as firms trying to get a better knowledge of the technology. The initiative could be the launching pad needed for companies like Ripple to gain stronger foothold in Europe, which is a huge market.