The European Fee, the EU’s govt physique, is launching a brand new blockchain affiliation subsequent 12 months and main banks are already on board.

Spanish banking big BBVA announced Tuesday that it and 4 different banks have joined the EC’s deliberate Worldwide Affiliation for Trusted Blockchain Functions (IATBA), which might be a authorized entity as early as first quarter of 2019. Whereas the remaining banks weren’t named in official bulletins, some sources say Santander can also be one of many group.

The initiative was introduced at a current EU blockchain roundtable occasion referred to as “Bringing industries collectively for Europe to guide in blockchain applied sciences,” held on Nov. 20 in Brussels, Belgium.

The brand new affiliation can have representatives from each private and non-private sectors with an intention to “garner help from non-public blockchain and [distributed ledger technology] consultants to contribute to stipulate the EU’s technique relating to these applied sciences,” the BBVA stated.

The affiliation is aimed to develop tips and protocols for the blockchain trade, and promote the EU’s blockchain requirements internationally. It’ll additional present data for the implementation of Europe’s blockchain technique.

Carlos Kuchkovsky, BBVA’s head of analysis & improvement for brand new digital enterprise, stated that the affiliation may have an essential position to play by way of “establishing blockchain greatest follow and requirements and at avoiding fragmentation on a European degree.”

Kuchkovsky additionally believes that the EC initiative will assist present extra readability to the “regulatory uncertainty” that at present surrounds using blockchain tech.

He added:

“Blockchain isn’t solely a know-how, nevertheless it engenders new enterprise fashions making a tokenized economic system and paving the best way to a decentralized economic system sooner or later.”

As a part of its strikes to undertake and develop blockchain throughout the financial bloc, the EC in April formed the European Blockchain Partnership (EBP) together with 27 member nations to help the supply of cross-border digital public companies.

European Commission picture through Shutterstock 

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