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The European Union (EU) has been advised to proactively prepare for the convergence of blockchain technology and artificial intelligence (AI).
The European Blockchain Observatory and Forum (EUBOF), an initiative of the European Commission, has been closely monitoring blockchain developments across Europe. On May 24, EUBOF published a comprehensive report detailing their findings.
Authored by the EUBOF team, the report underscores blockchain’s potential to integrate with other technologies, particularly AI, to drive significant innovation.
EUBOF has observed a strong trend toward the convergence of blockchain and AI. They noted that sensitive AI data sets could be securely stored on blockchain, which is particularly advantageous in sectors such as healthcare and finance where data security is critical.
Moreover, the report highlighted that the fusion of these two technologies could lead to the creation of decentralized AI networks. This approach can mitigate the risk of data monopolies and foster collaborative AI development. EUBOF also pointed out that AI has the potential to enhance smart contract functionality, making it applicable across various industries.
The European Commission’s study acknowledged the robust growth of the decentralized finance (DeFi) ecosystem and anticipates the emergence of new protocols and applications.
Furthermore, EUBOF expects blockchain technology’s inherent interoperability, sustainability, and energy efficiency to be the primary drivers of its continued adoption.
To address these emerging trends, EUBOF made several key recommendations, including positioning itself as a global knowledge hub for blockchain, enhancing Europe’s engagement with various stakeholders, and addressing issues stemming from new innovations.
In a concurrent development on May 24, the EU announced plans to amend the current regulation governing the European High Performing Computer Joint Undertaking (EuroHPC), which oversees the use of supercomputers for AI development.
Since its inception, EuroHPC has managed nine supercomputers across Europe. The proposed amendments aim to further this mission by establishing new AI factories. Willy Borsus, Vice-President of Wallonia and Minister for Economy, Research, and Innovation, commented:
“Unity is the strength of Europe, and together we have achieved great goals. We have seen this with the development of our world-class supercomputers, and now we want to boost the outcomes of these powerful machines through trustworthy AI.”
Under the new regulation, hosting entities can receive up to 50% of the acquisition and operational costs of AI supercomputers from the EU. Additionally, ownership of these machines can be transferred to the hosting entities five years post-acceptance testing.
For further insights into the intersection of blockchain and AI, read Cointelegraph’s crypto and AI guide to understand how these technologies are applied in real-world scenarios.
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