EU launches blockchain initiative to drive DLT adoption

Blockchain and DLT charter signed by over 100 corporations, start-ups and blockchain associations in Brussels

In Brussels today, the European Commission gathered businesses, politicians, and major blockchain start-ups to sign a charter aiming to fast track adoption of distributed ledger technologies.

The International Association of Trusted Blockchain Applications (INATBA) is the product of the EU’s Blockchain Industry Round Table, an EU group tasked to devise a strategy around the much-hyped technology via hosting forums and roundtables.

INATBA members will cooperate to develop a framework that promotes public and private sector collaboration, regulatory and legal reforms, and the integrity and transparency of the technology, the association said.

At the ceremony in Brussels 105 organisations — including Ripple, BBVA and Accenture — signed a charter committing to four central goals: to maintain a  constructive dialogue with public authorities and regulators; promote a transparent governance model; establish interoperability guidelines, and to develop sector-specific applications.

In true blockchain fashion, the signatures were hashed on a number of members’ blockchain networks to create an immutable audit trail of the signing.

‘Limitless potential’

“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.

“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,” he added.

Blockchain is the best known distributed ledger technology. Transactions on a blockchain are not centrally stored but identically recorded and encrypted on decentralised ledgers, enabling greater trust, traceability and security compared to centralised ledgers.

Blockchain initiatives started by start-ups and not for profit organisations in the EU have raised  €200 (£170) million from ICOs and €115 (98) million from private equity, according to the EU Observatory.

The EU has also allocated €141 (£120) million to support blockchain and DLT research and investment through the investment and research programme Horizon 2020.