The Spanish banking company BBVA group and Banco Santander entered into the European blockchain Association International Association for Trusted Blockchain Applications (IATBA).
One of the leaders of the Association of Mary Gabriel (Mariya Gabriel) invited representatives of the two banking companies to participate in a round table on the blockchain in Brussels, which meant an invitation to join the Association.
During the meeting it was announced that IATBA will begin full operation in the first quarter of 2019. The purpose of the Association is to create a regulatory framework for the application of blockchain technologies throughout the European Union and to launch various applications based on this technology.
As reported by Spanish newspaper Expansion, BBVA and Santander were among the first invited to the Association of banks. Interestingly, other members of the IATBA remain unknown.
The Association was created blockchain European partnership (European Partnership Blockchain), which includes the 27 countries of the European Union, including UK, Germany, Sweden and France. Active collaboration should lead to the establishment of a blockchain infrastructure to support digital services for cross border transfers to the public compliance with safety standards.
It is noteworthy that BBVA has already conducted testing blockchain solutions to standard banking processes. Summer Bank jointly with energy company Repsol tested platform Ethereum, and Hyperledger. As the head of BBVA, during the experiments the company ran into difficulties and limitations of technology distributed registry. However, the Bank continues to explore and support new instrument, recently gave a loan in the amount of $150 million a private blockchain network.
Santander is also interested in the use of decentralized technologies, as evidenced by the July decision of the Bank group to participate in the testing blockchain platform from IBM. In addition, the organization has created a research Department to explore the possibilities of the blockchain in the field of trade in securities.