The European Union (EU) has been advised to prepare for the convergence of blockchain technology and artificial intelligence (AI).

The European Blockchain Observatory and Forum (EUBOF), an initiative by the European Commission, has been monitoring and analyzing blockchain developments across Europe. On May 24, EUBOF published its final report, authored by the Directorate-General for Communications Networks, Content and Technology. The report emphasizes blockchain’s potential to integrate with other technologies and drive innovation.

EUBOF identified a strong trend of blockchain and AI convergence. It highlighted that secure storage of sensitive AI data sets on blockchain could be particularly beneficial in sectors like healthcare and finance, where data security is crucial.

Additionally, the convergence of blockchain and AI can facilitate decentralized AI networks, which can reduce the risk of data monopolies and encourage collaborative AI development. The report further noted that AI could enhance smart contract functionality, applicable across various industries.

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The European Commission’s study also acknowledged the ongoing growth of the decentralized finance (DeFi) ecosystem, anticipating the launch of new protocols and applications. EUBOF expects blockchain technology’s inherent interoperability, sustainability, and energy efficiency to drive its continued adoption.

To support this development, EUBOF made several recommendations, including acting as a global knowledge hub for blockchain, strengthening Europe’s engagement with various stakeholders, and addressing issues arising from new innovations.

Coinciding with EUBOF’s report on May 24, the EU announced plans to amend the regulation governing the European High Performing Computer Joint Undertaking (EuroHPC), which oversees the use of supercomputers for AI development. EuroHPC manages nine supercomputers across Europe, developed since the initiative’s inception. The proposed amendment will support the development of new AI factories.

Willy Borsus, vice-president of Wallonia and minister for economy, research, and innovation, stated, “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. Ownership of these machines can be transferred to the hosting entities five years after acceptance testing.

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Source: cointelegraph.com

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