As the blockchain debate gains traction in the mainstream media, the European Union is in the process of setting up a blockchain forum. Five banks among them the BBVA and Santander bank have all been invited to join the forum.
The International Association for Trusted Blockchain applications (IATBA) aims at coming up with a trusted and secure blockchain infrastructure that will enhance cybersecurity, interoperability as well as energy efficiency while complying with EU laws.
The two invited banks, the BBVA bank and Santander bank have all shown interest in adopting the technology. On one side the BBVA bank successfully completed a pilot that put a syndicated loan on the distributed ledger. Santander, on the other hand, joined IBM’s blockchain in a bid to explore the use of blockchain in securities trading.
A Tuesday’s meeting that was meant to bring Europe’s industries together, officially formalized the anticipated launch of the IATBA as the bloc prepares to be a leader in the space. The coordinated efforts between the European Commission which is the EU’s executive body, as well as, the European blockchain partnership(EBP) aims to get the EU members on board with promoting the technology.
The EU has argued that the technology will disrupt the service industry in many ways.
Successful use of the blockchain technology will require both private and public sectors to cooperate. This is why there has been roundtable meetings and subsequently the formation of IATBA. However, the forum will only come into legal existence from the beginning of next year.
A statement by the EC emphasized on the significant role played by the public sector in development and adoption of upcoming technologies such as blockchain. As such, there is a need for frameworks to be developed that will ensure the EU is a hub for blockchain innovation.
Earlier this year, the European commision laid down plans for rolling out the EBP (European blockchain partnership). This partnership signed by 27 nations including the UK, Germany, France, Netherlands, and Sweeden seeks to develop a trusted, resilient and secure blockchain services infrastructure for the European members.