Europe is preparing for the convergence of blockchain and AI and its integration to boost innovation in every industry. Find out what the EUBOF has focused on.
Brussel, Belgium May 30, 2024 – The European Union is getting ready for the integration of artificial intelligence (AI) as well as blockchain technology. The EU has been informed of the technological advancement. The European Blockchain Observatory and Forum (EUBOF) is an initiative by the European Commission that is set to monitor and analyze blockchain developments all over Europe. They published a report on May 24 and the EUBOF team has highlighted the potential of blockchain technology which can integrated with other technologies that can help to drive more innovation. They have also determined a strong trend that paves the way for the convergence of AI and blockchain.
Blockchain can help to secure sensitive AI databases while AI can bring more convenience with its automation options and smart technology. According to the team of EUBOF, the convergence can be useful for “healthcare and finance, where data security is paramount.” It can also help to enable decentralized AI networks. The report further stated, “This can reduce the risk of data monopolies and promote collaborative AI development.” According to their report, AI can help improve smart contract functionality which can bring empowerment to every other industry. The continuous growth of the decentralized finance (DeFi) ecosystem is seeking the launch of new protocols as well as applications for emergencies. The adoption of the convergence is important and relevant due to its sustainability, interoperability, and energy efficiency.
Being a global hub for blockchain knowledge, EUBOF has offered several fruitful recommendations in the field that proved to be right and helped in the engagement of Europe with other stakeholders while embracing innovations that can bring change. EU has announced some plans to amend the current regulation that governs the European High Performing Computer Joint Undertaking (EuroHPC). The EuroHPC looks after the area that determines the use of supercomputers for further AI development. It handles a total of nine supercomputers which are placed all over Europe. With the new regulation, hosting entities can gain up to 50% of the acquisition as well as operational cost which will benefit all Europeans as a common unit. The minister of economy, Willy Borsus said, “Unity is the strength of Europe, and together we have achieved great goals.
Media Contact
Daniel Martin
Source :daniel martin