SWIFT recently joined INATBA to help bridge the gap between new and existing technologies. INATBA will be used as a platform where both regulators and policymakers can communicate. This is an exciting step for SWIFT and will elevate what is already great about blockchain applications. Read the article below for more information on their association with INATBA.
On 3 April, SWIFT took part in the launch of the International Association of Trusted Blockchain Applications (INATBA) – a new organisation to provide developers and users of distributed ledger technology (DLT) with a global forum to interact with regulators and policymakers.
INATBA will promote an open, transparent and inclusive global model of governance for DLT infrastructures that reflects the shared interests of its diverse stakeholders. The new association spans sectors from energy and health to finance and social economy – and its members include large corporates, small start-ups, other associations and not-for-profit companies.
It aims to enhance trust and innovation in the technology through the promotion of guidelines and specifications for interoperable DLT infrastructures, and will work with government and regulatory bodies on the convergence of regulatory approaches.
Stephen Lindsay, Head of Standards at SWIFT, believes the new association can help with issues such as interoperability and governance:
“Blockchain and DLT in general are important new technologies, and SWIFT has been looking at and working with the technology for quite a number of years. We have conducted a number of proofs of concept – including, for instance, on the deployment of corporate actions through smart contracts, on simplifying cash correspondent account reconciliation, and we are currently exploring an e-voting solution to help simplify the management of shareholder meetings.”
“We believe our standards expertise will be a crucial element in helping to bridge the gap between this new technology and existing applications and infrastructure.”
SWIFT, along with 105 other institutions, backed the creation of INATBA – launched in Brussels by Mariya Gabriel, European Commissioner for the Digital Economy and Society. The EU Commission has been a strong driving force behind the formation of the association and will continue to contribute financially.
The INATBA Board proposes to initially focus on six areas: supply chain, digital identity, social impact, energy, mobility and finance. Each working group will come up with its own priorities and propose how the association could address these.
INATBA will also organise an international World Blockchain Conference later this year. More information is available on the INATBA website.