Over 100 organisations from a selection of different industries have signed up to the newly-founded International Association for Trusted Blockchain Applications (IATBA), spawned from a series of meetings held by the European Commission (EC).The new members are developers, suppliers and organisations who are using Blockchain technology, to develop a "predictable, transparent and trust-based global framework".
The IATBA is relocating to Brussels, and it intends to work with governments and regulators to establish guidelines on interoperability (how each different Blockchain shares data) while promoting an open and inclusive global model of governance for the use of Blockchain technology. Members so far include traditional firms like IBM, Accenture, Barclays, BVVA and Deutsche Telekom, as well as companies active in the Digital Asset space, such as IOTA, Ripple, ConsenSys, and Cardona.
The EU has been monitoring Blockchain developments for a while, and in April 2018 it established the European Blockchain Partnership that now has 29 members, with Hungary being the latest to join, as it believes the use of Blockchains will be at the heart of public services. To date, 141 Million Euros have been allocated by the EU to Blockchain related projects, and potentially up to 340 million Euros could be committed before the end of 2020, to explore how best to use this technology.
IBM has cited five reasons to use Blockchain – ‘greater transparency, enhanced security, improved traceability, increased efficiency and speed’. Interestingly, in a survey carried out by Capgemini, 93 per cent of UK companies, when asked why they were looking at using Blockchain technology, said it was to save costs (compared to a global average of 89 per cent). Secondly, 87 per cent was reducing risk followed by increasing revenues, at 85 per cent.
The fact that organisations like IATBA, European Blockchain Partnership and established global brands like IBM, Facebook, Goldman Sachs, Fidelity Investments, Deutsche Telekom, Mercedes Benz, Jaguar Land Rover amongst others all exploring and promoting the opportunities that Blockchain technology offers, we will see more and more applications impacting on our everyday lives.
