The potential convergence of blockchain technology with artificial intelligence (AI) has prompted warnings to the European Union (EU) to get ready.
TakeAway Points:
- The European Union (EU) has been warned to prepare for the potential confluence of artificial intelligence (AI) and blockchain technology.
- The European Commission launched the European Blockchain Observatory and Forum (EUBOF), which tracked and examined blockchain advancements throughout Europe before releasing a final report on May 24.
- The European Commission’s study also acknowledged the continued growth of the decentralized finance (DeFi) ecosystem and anticipated the launch of new protocols and emerging applications.
EU advised to prepare for Blockchain And AI Convergence
The European Union (EU) has been warned to prepare for the potential confluence of artificial intelligence (AI) and blockchain technology.
The European Commission launched the European Blockchain Observatory and Forum (EUBOF), which tracked and examined blockchain advancements throughout Europe before releasing a final report on May 24.
The Directorate-General for Communications Networks, Content, and Technology wrote the paper, which emphasised how blockchain may spur innovation and interact with existing technologies.
Regarding the continuous convergence of blockchain and AI, the EUBOF found a significant tendency. According to EUBOF, sensitive AI data sets can be safely stored on blockchain, which has applications in “healthcare and finance, where data security is crucial.”
In addition, the convergence of the two technologies can enable decentralized AI networks. The report added:
“This can reduce the risk of data monopolies and promote collaborative AI development.”
EUBOF also concluded that AI can improve smart contract functionality, which can be applied across various industries.
The European Commission’s study also acknowledged the continued growth of the decentralized finance (DeFi) ecosystem and anticipated the launch of new protocols and emerging applications.
Lastly, EUBOF anticipates that blockchain technology’s inherent interoperability, sustainability, and energy efficiency will be the primary drivers of its continued adoption.
In this regard, EUBOF provided a number of proposals, such as serving as a worldwide blockchain knowledge hub, bolstering Europe’s interactions with different stakeholders, and tackling problems brought on by emerging technologies.
Proposal to change AI Development Legislation
According to the report, the EU announced proposals to change the current legislation controlling the European High Performing Computer Joint Undertaking (EuroHPC), which governs the use of supercomputers for AI development, on May 24, concurrent with the release of EUBOF’s study.
Developed since the initiative’s inception, EuroHPC oversees nine supercomputers located around Europe. This goal will be advanced by the new AI factories that the amendment suggests. Willy Borsus, the Wallonian vice president and minister of economics, science, and innovation, stated the following at the time:
“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.
