In a significant stride towards fostering collaboration and innovation in Europe, the International Association for Trusted Blockchain Applications (INATBA) has unveiled the Industrial Blockchain Task Force. This pioneering initiative, featuring prominent industry players like VeChain, aims to evaluate and scrutinize the technical foundations of blockchain technology projects across various sectors.

The primary goal of this task force is to deliver a comprehensive report by January 2024. This report will map and assess blockchain projects, identifying synergies, evaluating technical foundations, and addressing any existing gaps. The insights gathered will be invaluable for decision-makers, fostering innovation, and bolstering reporting and regulatory compliance efforts across Europe.

At the core of the Industrial Blockchain Task Force’s mission is the empowerment of industrial decision-makers. The task force will analyze projects that contribute to the development of robust industrial products and processes by harnessing the synergy of blockchain and artificial intelligence (AI). VeChain, a key contributor, is set to play a pivotal role in this collaborative effort, leveraging its expertise in blockchain technology, particularly in supply chain management and product authentication.

Ricardo Simoes, Executive Director of INATBA, highlighted the significance of this initiative, emphasizing its role in facilitating EU collaboration and showcasing the versatility of blockchain in pillar industries. Sebastian Becker, the initiator of the task force and a Board Member of INATBA, underscored the importance of this endeavor for the future technology landscape and innovation discussions within the EU.

The Industrial Blockchain Task Force will focus on several key areas, including evaluating existing use cases, promoting collaboration among corporations and consortia, advocating for standardization in major industries, and exploring blockchain’s role in upcoming EU policy goals and initiatives. The aim is to provide concrete deliverables that will contribute to the advancement of technology and innovation.

Key areas of focus include:

1. Creating a Corporate and Consortial Blockchain Tech Adoption Map: A visual representation of how blockchain technology is being adopted across various industries, showcasing collaboration among corporations and consortia.
2. Identifying Advanced Blockchain Capabilities: Exploring technical solutions and modules beyond the minimum viable product (MVP) stage, including token incentivization, tokenization for financing, and cybersecurity enhancements through decentralization.
3. Providing a Coherent Overview of Blockchain’s Current Status: Offering insights into blockchain’s current applications and suggesting potential projects and sector-coupling strategies.

Task Force members will actively engage in bi-weekly meetings, benefiting from a dynamic, cross-industry environment. They will have access to advanced blockchain capabilities and collaborate with experts from diverse fields. VeChain’s unique insights into supply chain and product authenticity are expected to revolutionize discussions, particularly in the industrial sector.

As utility tokens move towards regulatory compliance with the Markets in Crypto Assets (MiCA) framework in 2024, the Industrial Blockchain Task Force, with VeChain’s active participation, is poised to play a crucial role. The task force will focus on summarizing blockchain technology’s capabilities, especially concerning EU policy goals and initiatives such as Digital Product Passports, Corporate Sustainability Reporting Directive (CSRD), and forthcoming Environmental, Social, and Governance (ESG) reporting requirements.

For those eager to participate in this transformative initiative, now is the time to get involved with the Industrial Blockchain Task Force and contribute to shaping the future of technology integration.