EU Commission Encouraged to Prepare for Blockchain and AI Synergy

The European Union (EU) is advised to ready itself for the merging of blockchain technology and artificial intelligence (AI), as these two domains are set to increasingly intersect.

The European Blockchain Observatory and Forum (EUBOF), an initiative backed by the European Commission, has been closely observing blockchain trends across the continent and recently released a comprehensive report on May 24.

Authored by the EUBOF team, the report discusses the potential of blockchain to enhance and synergize with other technological domains, fostering innovation across multiple sectors.

A key finding from the EUBOF is the emerging trend of integrating blockchain with AI. The report suggests that blockchain could serve as a secure repository for sensitive AI datasets, which is particularly valuable in sectors like healthcare and finance where data security is crucial.

Moreover, the fusion of blockchain and AI could lead to the creation of decentralized AI networks, potentially decentralizing the control over data and encouraging cooperative developments in AI.

The EUBOF report also points to potential enhancements in smart contract functionality through AI, which could have broad applications across diverse industries.

As the decentralized finance (DeFi) sector continues to expand, the European Commission’s study also highlights the expected introduction of new protocols and innovative applications within this space.

Blockchain’s inherent features such as interoperability, sustainability, and energy efficiency are anticipated to drive its wider adoption, according to EUBOF.

For more insights on how blockchain and AI function in practical scenarios, refer to Cointelegraph’s dedicated guides.

In its recommendations, EUBOF advocates for the EU to position itself as a global knowledge center for blockchain, to intensify engagement with various stakeholders, and to tackle challenges emerging from novel technological developments.

In a related move on May 24, the EU disclosed intentions to revise the regulations that govern the European High Performing Computer Joint Undertaking (EuroHPC), which oversees the deployment of supercomputers for AI development across Europe.

EuroHPC currently manages nine supercomputers, which have been developed since the beginning of the initiative. The proposed amendments aim to enhance these supercomputers into AI-driven hubs. Willy Borsus, vice-president of Wallonia and minister for economy, research, and innovation, remarked:

“Europe’s unity is our strength, and we have achieved significant milestones together. We have built world-class supercomputers and now aim to amplify their capabilities with trustworthy AI.”

Under the revised regulations, entities hosting these AI supercomputers could receive up to 50% funding from the EU for acquisition and operational costs, with the possibility of transferring ownership to these entities five years after acceptance testing.