EU-Commission preparing Europe to lead the way on Blockchain technology with INATBA initiative
The impact on society of any innovation depends on many factors, and when ensuing changes have the potential for profound disruption, as blockchain promises to have, it is all the more important that society as a whole creates the environment for that change to be positive. Regulation, in particular, must be adapted, as we work towards a global registry of everything. That is how we’ll ensure that what blockchain brings to society is for our collective wellbeing and that of our environment.
We’re proud to be among the founding companies and organisations of INATBA, the EU Commission-backed blockchain initiative. INATBA stands for International Association for Trusted Blockchain Applications.
Blockchain technology will change much of our lives, from politics to local and world commerce or the way innovation enters our lives. Europe’s proactive approach makes me hopeful because I believe that technology breakthrough is rarely possible from a defensive position. A high-level vision of where blockchain might take us nourishes our work on distributed ledger technology beyond the constraints of digital currencies on our way into the realms of unknown and new asset classes.
We’re starting from a practical understanding of what’s possible today gleaned from the many blockchain-based solutions RIDDLE&CODE has been deploying for over two years, and with my team, we’re continually looking into the new avenues that the technology’s possibilities will open up. This long-term vision defines my day-to-day decisions within a society delegating more and more individual mandates to machines, algorithms and code. Without any doubt, we’ve started to live in a world where non-human entities have taken an active stake in policing and governing society. Blockchain technology will be essential in orchestrating the dynamics of this new stakeholder processes towards the challenges of AI, smart cities, hyper-liquid markets, mass migrations and growing social imbalances.
The new business models RIDDLE&CODE is looking into have massive potential for the creation of both value and wellbeing. However, they will require profound changes in some deeply rooted traditions within Europe’s civil and commercial laws.
Bureaucracies usually slow down innovation. It’s all the more exciting that with the INATBA initiative, we have an establishment ready to lead the way. One aspect I am passionate about is to demonstrate that blockchain derived instruments abolish the difference between money and other asset classes. The Eurozone’s attempt to keep monetary and fiscal policies separate during the emergence of a token economy would be counterproductive. Intervening into the economy by managing interest rates and money is one way forward. Making new types of money available to all stakeholders offers exciting alternatives to monetary policies. New types of investments into illiquid asset classes, created through tokenisations on public ledgers, will enable investors and stimulate the real economy at the same time.
Ledger and token technologies, if enabled with the right regulatory approach, can bring efficiencies in areas like automatic taxation and help drive economic development.
INATBA is in line with my vision as an Entrepreneur with an agency, and I’m excited that we’ll be able to develop a positive direction for European society based on new technology.
To know more about the initiative, you can contact: firstname.lastname@example.org.
Author: Tom Fuerstner