The IOTA Foundation is a non-profit which works towards developing standardization of distributed ledger technologies (DLT). The foundation recently joined the EU’s International Association of Trusted Blockchain Applications (INATBA) as a founding member.
INATBA focuses on the IOTA Tangle system which is a cryptocurrency designed for the Internet of Things (IoT) environment. It is an open-source system which facilitates machine-to-machine interactions which is fee-less, carries out micro-payments in real time, transfers data securely and is scalable.
INATBA is a EU Commission-hosted group which aims to further the use of DLT technology through the development of a transparent and trust-based global framework. INATBA offers both developers and users a means of interacting with policy-makers and regulators. The association was founded on March 6 2019 and has over 100 founding members some of which include major players in DLT and Blockchain technology as well as start-ups and sectoral associations.
“Developing a regulatory framework around distributed ledger and blockchain technologies is essential to their widespread adoption and growth,” said IOTA Foundation Co-Founder, Dominik Schiener.
“We have established our own public regulatory affairs team to lead this effort and are excited to be one of the founding members of INATBA. The strength and size of this association, as well as the support of the European Commission and other governments, only further shows the future limitless potential for distributed ledger technologies,” he added.
The founding members of the Association have set a number of goals that they plan to fulfill.
According to a press release by IOTA, the INATBA founders’ four goals are to:
· Maintain permanent and constructive dialogue with public authorities and regulators that will contribute to the convergence of regulatory approaches to blockchain and other distributed ledger technologies globally.
· Promote an open, transparent and inclusive global model of governance for blockchain and other distributed ledger technology infrastructures and applications- a model that reflects the shared interests of stakeholders from industry, start-ups and SMEs, civil society organizations, governments and international organizations.
· Support the development and adoption of interoperability guidelines, specifications and global standards, to enhance trusted, traceable, user-centric digital services and uphold an open, transparent and inclusive method of multi-stakeholder cooperation.
· Develop sector-specific guidelines and specifications for the development and acceleration of trusted sectorial blockchain and DLT applications in specific sectors 9i.e. financial services, health, supply chain, energy and financial inclusion).