European Union invites 5 major banks to help set up blockchain forum

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blockchain forum

The European Union (EU) organized in Brussels has invited 5 major banks to join hands to establish a blockchain forum. Through the International Association for Trusted Blockchain Applications (IATBA) they plan to “develop a trusted, secure and resilient European Blockchain Services Infrastructure (EBSI) meeting the highest standards in terms of privacy, cybersecurity, interoperability and fully complaint with EU law.”

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The IATBA plans to aim to alter digital services at a global level through blockchain technology. The European Commission (EC) stated “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.”

This will be achieved by combining industries to conduct blockchain technologies together. It will be organized by the European Commission and European Blockchain Partnership (EBP). The EBP created earlier in April helped to establish the EBSI. Commissioner for Digital Economy and Society, Mariya Gabriel said earlier on “In the future, all public services will use blockchain technology. Blockchain is a great opportunity for Europe and Member States to rethink their information systems, to promote user trust and the protection of personal data, to help create new business opportunities and to establish new areas of leadership, benefiting citizens, public services and companies. The partnership launched today enables Member States to work together with the European Commission to turn the enormous potential of blockchain technology into better services for services.”

The banks include BBVA and Santander as well as representatives from the public and private sector to help nurture and increase growth of blockchain technology in Europe. Carlos Kuchkovsky, head of Research and Development New Digital Business on BBVA’s behalf stressed the importance of such a project and that it can help “paving the way to a decentralized economy in the future.”

The first panel meeting “Bringing industries together for Europe to lead in blockchain technologies” took place in Brussels on 20th November. Their objective “was to gather support among EU industry leaders and policy makers for a comprehensive EU strategy to boost innovation and exploitation of blockchain technology.” According to eublockchainforum.eu, their mission includes:

  • Monitor blockchain initiatives in Europe
  • Produce a comprehensive source of blockchain knowledge
  • Create an attractive and transparent forum for sharing information and opinion
  • Make recommendations on the role the EU could play in blockchain

 

The EBP has already been signed by 27 European countries hoping to develop a safe and secure EBSI.



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