SWIFT, Ripple, IBM Join EU Blockchain Group
- Written by TechXO Team
- Category: BlockChain
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More than a hundred firms and organizations have joined an EU blockchain group including SWIFT, Ripple, and IBM. The new blockchain association was created to promote the adoption of blockchain technology across the European Union.
The group was launched as INATBA or International Association of Trusted Blockchain Applications on Wednesday, April 3 in Brussels, Belgium. INATBA was planned to serve as a global multi-stakeholder forum in order to gather developers and blockchain technology users for the goal of promoting blockchain technology and adopting it across sectors.
A framework is being set up by the association to encourage collaboration between the private and public sectors, dialogue between policymakers and regulators, and “legal predictability” to ensure security, integrity, and transparency in infrastructures involving blockchain. The framework also aims to set the rules, guidelines, and specifications for all blockchain and distributed ledger-based applications.
Other notable members of the group include banks such as Barclays and BBVA, consultancy firms like Accenture and cosmetic giant L’Oreal. There were also a number of blockchain startups on board such as ConsenSys AG, Bitfury, R3, Ledger, and IOTA.
INATBA is expected to play an important role in the region in creating and developing best practices for the industry and avoiding fragmentation in the emerging sector.
In February, seven European countries have signed a blockchain adoption declaration, with the need of the European Union to accept blockchain technology emphasized. Seven of the countries involved include France, Italy, Malta, Cyprus, Greece, and Spain.
With this development, it is expected that the technology will be quickly embraced in several industries. Transitions from traditional models of financial exchanges, among others, to processes involving blockchain technology, are also forecast to go smoothly with guidelines and best practices developed by associations that are comprised with governmental and nongovernmental institutions.
SWIFT offers services such as financial messaging for banks, broker/dealers, corporate clients, custodians worldwide, among others. It operates a communications platform, allowing customers to connect and exchange financial information. The company also offers products and services for several business areas, including custody and asset servicing, funds, Islamic finance, payments and cash/liquidity management, post-trade, trade and supply chain, and treasury, including foreign exchange and derivatives. SWIFT also provides consulting services. The company was founded in 1973 and is headquartered in La Hulpe, Belgium with additional offices in Brazil, Mexico, New York, Florida, Australia, India, Japan, South Korea, Malaysia, China, Hong Kong, Singapore, Austria, France, Germany, Italy, Russia, South Africa, Spain, Sweden, Switzerland, United Arab Emirates, and United Kingdom.
Ripple operates a global payments network using blockchain technology. It develops RippleNet, an enterprise decentralized solution for global payments. It helps connect banks, payment providers, digital asset exchanges, and corporates to send money globally. The company’s solutions include XRP, a digital asset for payments in the form of crypto-currency and xCurrent, a software for banks for cross-border payments services, among others. Ripple Labs, Inc. was formerly known as OpenCoin, Inc. and changed its name to Ripple Labs, Inc. in September 2013. The company was founded in 2012 and is based in San Francisco, California with offices in New York, London, Sydney, India, Singapore, and Luxembourg.
International Business Machines Corporation, or also known as IBM, operates as a globally integrated technology and services company. It has a lot of segments including Cognitive Solutions, Global Business Services, Technology Services and Cloud Platforms, Systems, and Global Financing. The company serves financial services institutions, airlines, manufacturers, and consumer goods and retail companies, among others. IBM was formerly known as Computing-Tabulating-Recording Co. and it changed its name to International Business Machines Corporation in 1924, after it was incorporated in 1911. International Business Machines Corporation is currently headquartered in Armonk, New York.