European Union Creates a Blockchain Association

News/Global News/European Union Creates a Blockchain Association
14.12.2018 12:58
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BBVA bank and Banco Santander finance and credit group, which are the most influential financial companies in Spain, became part of the international Blockchain association IATBA (International Association for Trusted Blockchain Applications). This news was announced in a press release on the official website of the BBVA bank.

It is quite interesting that, aside from the already mentioned companies, the association includes another three largest European banks, but for now, their names are still being kept secret.

The idea of the association lies in modernization and development of Blockchain protocols at the international level. In addition to financial institutions, IATBA plans to involve employees of both state and private establishments. It is also expected to attract experts in digital technologies that can contribute to the creation of the European Union’s strategy regarding the decentralized distributed ledger. IATBA will start its operation at the beginning of 2019.

According to Carlos Kuchkovsky, an employee of the BBVA bank, the association will be able to popularize practical application of Blockchain[i] at the international level. This will promote modernization of interstate regulation systems and replacement of bureaucracy in favor of more transparent management models.

Let us remind you that, in April 2018, more than 20 members of the EU and of the European Economic Area agreed to cooperate closely through the exchange of acquired information and practical knowledge in the field of digital technologies aimed at the subsequent creation of integral innovative solutions based on the distributed ledger.

Such news illustrates that blockchain-based projects and the technology itself have great potential, which can already be realized and used in nearly any area of activity.