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IOTA joins EU blockchain initiative to progress global standards

The association offers developers and users of distributed ledger technologies a global forum to interact with regulators and policy-makers.

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The INATBA wants to develop a transparent and trust-based global framework.
The INATBA wants to develop a transparent and trust-based global framework.

The IOTA Foundation, a non-profit which supports the development and standardisation of new distributed ledger technologies (DLT), has joined the International Association of Trusted Blockchain Applications (INATBA) as a founding member.

 

The Foundation focuses on the IOTA Tangle protocol, which is designed for the Internet of Things (IoT) environment. It is an open-source protocol facilitating machine-to-machine (M2M) interactions, including secure data transfer, fee-less real-time micropayments, and the collection and dissemination of sensor-based and other data.

 

What is the INATBA?

 

INATBA’s core directive is to promote the use of DLT technology by developing a predictable, transparent and trust-based global framework. It offers developers and users of DLT a global forum to interact with regulators and policy-makers and bring DLT and blockchain technology to the next stage.

 

The initiative is an outgrowth of the EU Blockchain Industry Round Table, a European Commission-hosted group convened to identify the right conditions for DLT to flourish. The Association was legally formed in March with more than 100 founding members, including major DLT and blockchain providers, large-scale users, start-ups, and business and sectoral associations.

 

The digital signing of the INATBA Charter at the European Commission headquarters will be hosted by European Commissioner Mariya Gabriel, who will give a keynote speech, and director-general Roberto Viola.

“Developing a regulatory framework around distributed ledger and blockchain technologies is essential to their widespread adoption and growth”

The digital signatures will be hashed on IOTA’s Tangle network, in addition to other DLTs, to create an immutable audit trail of the signing. In connection with the founding of the Association, Julie Maupin, IOTA’s director of social impact and public regulatory affairs, was elected to serve on the INATBA board of directors.

 

“Developing a regulatory framework around distributed ledger and blockchain technologies is essential to their widespread adoption and growth,” said Dominik Schiener, co-founder and co-chair of IOTA Foundation.

 

“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. The strength and size of this association, as well as the support of the European Commission and other governments, only further shows the future limitless potential for distributed ledger technologies.”

 

Founding members’ goals

 

INATBA’s founding members have committed to the association’s goals of developing interoperability guidelines and standards, transparent and inclusive governance, and ongoing constructive dialogue with authorities and regulators. The organisation believes this approach will be a significant driver of distributed ledger technology innovation and uptake.

 

As part of this collaborative approach, INATBA’s founders enshrined four goals:


1 Maintain a permanent and constructive dialogue with public authorities and regulators that will contribute to the convergence of regulatory approaches to blockchain and other distributed ledger technologies globally.


2 Promote an open, transparent and inclusive global model of governance for blockchain and other distributed ledger technology infrastructures and applications -- a model that reflects the shared interests of stakeholders from industry, start-ups and SMEs, civil society organisations, governments and international organisations.


3 Support the development and adoption of interoperability guidelines, specifications and global standards, to enhance trusted, traceable, user-centric digital services and uphold an open, transparent and inclusive method of multi-stakeholder cooperation.


4 Develop sector-specific guidelines and specifications for the development and acceleration of trusted sectorial blockchain and DLT applications in specific sectors (such as financial services, health, supply chain, energy and financial inclusion).


The organisations are asking other like-minded blockchain stakeholders to join INATBA and help drive the development and deployment of the technology across the globe. For more information on INATBA, visit: www.inatba.org/.


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