- INATBA will help streamline blockchain development and adoption
- The body has over 70 founding members
- IOTA has a first-mover advantage for the Internet of Things niche
IOTA Foundation has joined forces with other startups and major corporations to form a body that will enhance the streamlining of blockchain adoption and help to standardize regulatory guidelines. The new organization will help to develop shared DLT standards and globally cohesive regulatory and policy frameworks.
Essential To Widespread Adoption and Growth
The Berlin-based blockchain and cryptocurrency startup announced it’s becoming a founding member of the International Association of Trusted Blockchain Applications (INATBA) via a blog post on April 3, 2019. The European Union-based association already has a membership of over 70 founding members that include IBM, SWIFT, Ripple, and others.
Dominik Schiener, co-founder and co-chair of IOTA Foundation, stated:
“Developing a regulatory framework around distributed ledger and blockchain technologies is essential to their widespread adoption and growth. We have established our own Public Regulatory Affairs team to lead this effort and are excited to be one of the founding members of INATBA.”
Necessary Regulatory Initiatives
According to Dr. Julie Maupin, IOTA’s Director of Social Impact and Public Regulatory Affairs, who will serve on the INATBA board of directors, INATBA brings together IOTA and more than 70 partners from six continents to create intelligent global governance frameworks for blockchain and distributed ledger technologies.
IOTA is partnering with the European Commission, academic institutions, governments, startups and more to develop global governance frameworks and technology standards that enable distributed ledgers to reach their full potential.
The main purpose of INATBA will be to provide an opportunity for blockchain-based startups and large corporations to discuss the necessary regulatory initiatives that will enable the full development and adoption of the DLT industry in the EU territory. Among the areas that have been singled out as priorities for the new body include interoperability, transparency, and inclusiveness. INATBA was launched on April 3, 2019, in Brussels.
Help Europe Compete Effectively
The initiative was launched during a European Commission Roundtable on April 10, 2018, when 22 European countries signed and created the European Blockchain partnership (EBP). The introduction of the pan-European blockchain standards is intended to help Europe compete effectively with Asia and North America in the race for this emerging technology.
IOTA continues to enjoy the goodwill of the blockchain community and has received a first-mover advantage in the Internet-of-Things (IoT) niche which is based on its DAG technology otherwise called Tangle.
IOTA’s Tangle is considered an advanced form of traditional distributed ledger technology and continues to receive more use-cases. As BR reported, Fujitsu is showcasing IOTA at the Hannover Messe, therefore, increasing IOTA’s potential awareness and adoption.