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EU Braces for Convergence of Blockchain Technology and Artificial Intelligence

The convergence of blockchain technology and AI represents a significant advancement for the EU, poised to enhance innovation and secure data management.

With strategic recommendations from EUBOF and supportive regulatory amendments, Europe is set to lead the way in integrating these transformative technologies.
Credit: Foretoken Media 2024

BRUSSELS – The European Union is gearing up for a groundbreaking shift as blockchain technology and artificial intelligence converge, promising to revolutionize various sectors. This insight comes from the latest report by the European Blockchain Observatory and Forum (EUBOF), an initiative of the European Commission.

EUBOF Highlights Blockchain-AI Integration Potential

The EUBOF released a comprehensive report on May 24, authored by the Directorate-General for Communications Networks, Content and Technology.

The report underscores blockchain's potential to integrate seamlessly with AI, driving innovation across Europe. According to EUBOF, the secure storage of sensitive AI data sets over blockchain could be particularly beneficial in sectors like healthcare and finance, where data security is critical.

In addition, EUBOF notes that the convergence of blockchain and AI could pave the way for decentralized AI networks. Such networks could mitigate the risk of data monopolies and foster collaborative AI development. This synergy is also expected to enhance smart contract functionality, applicable across various industries.

DeFi and Blockchain's Future

The European Commission’s study also recognized the rapid growth of the decentralized finance (DeFi) ecosystem. EUBOF anticipates the launch of new protocols and emerging applications that will further expand this space. The report highlights blockchain technology's inherent interoperability, sustainability, and energy efficiency as key factors driving its continued adoption.

To harness the full potential of blockchain and AI convergence, EUBOF made several strategic recommendations. These include establishing a global knowledge hub for blockchain, strengthening Europe’s engagement with diverse stakeholders, and proactively addressing issues arising from new technological innovations.

EU Plans Artificial Intelligence Development

Coinciding with EUBOF’s report, the EU announced its plans for artificial intelligence development on May 24 to amend regulations governing the European High Performing Computer Joint Undertaking (EuroHPC). This amendment aims to enhance AI development using Europe's nine supercomputers.

Willy Borsus, vice-president of Wallonia and minister for economy, research, and innovation, emphasized Europe’s unity and collective achievements.

“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 will be eligible for up to 50% of the acquisition and operational costs of AI supercomputers, with ownership transferred five years after acceptance testing.



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