European Union Calls On Major Banks to Join Blockchain Forum

Blockchain Forum

European Union Calls On Major Banks to Join Blockchain Forum

Blockchain Forum

The European Union is in the process of establishing a blockchain forum. The union has invited at least five major banks including BBVA and Santander. The aim of the IATBA (International Association for Trusted Blockchain Applications) is to “ develop a trusted, secure and resilient European Blockchain Services Infrastructure meeting the highest standards in terms of privacy, cybersecurity, interoperability and energy efficiency, and fully compliant with EU law.”

A gathering on Tuesday entitled “Bringing industries together for Europe to lead in blockchain technologies” formalized the up and coming dispatch of the IATBA, which is to be a planned between the EU’s official body, the European Commission, and the European Blockchain Association, a continuous EU exertion to get part states going to play a part with advancing blockchain innovation.

As per the EC itself, people in general division assumes a noteworthy job in the blockchain and thusly, structures should be created which will guarantee that Europeans advantage and that Europe turns into a center point for blockchain advancements.

“Europe’s leadership in the development and uptake of this new technology requires close cooperation between the public and private sectors. Governments and economic actors must work together to overcome regulatory obstacles, increase legal predictability, lead international standardisation efforts and accelerate research and innovation to support scalability of innovative blockchain technologies.”

Inquisitively absent from the EC’s works regarding the matter were the names of blockchain industry individuals who’d been welcome to take an interest. Santander and BBVA made separate declarations of their own. BBVA said:

“According to [Carlos] Kuchkovsky [Head of Research & Development New Digital Business], blockchain and other new technologies – artificial intelligence, for example – have to be understood as simple pieces that make digital ecosystems reliable. In this regard, he hopes that these types of projects will contribute to providing more clarity to the regulatory uncertainty that currently surrounds the use of these technologies. Nevertheless, he believes it is “essential to establish a system of governance that aligns the different participating industries and their objectives”, which should represent different sizes of organizations and sectors.”

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