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HomeNewsEU Prepares for Blockchain and AI Integration: Key Insights and Future Plans

EU Prepares for Blockchain and AI Integration: Key Insights and Future Plans

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  • EU to change rules on AI supercomputers to encourage innovation.
  • The convergence of blockchain and artificial intelligence promises smart contracts and better data protection.

It is recommended that the European Union (EU) get ready for the coming together of blockchain technology and artificial intelligence (AI).

An initiative of the European Commission, the European Blockchain Observatory and Forum (EUBOF) tracked and examined blockchain developments throughout Europe and released a closing report on May 24.

Integrating Blockchain with AI 

The Directorate-General for Communications Networks, Content and Technology wrote the paper, which emphasized blockchain’s ability to push innovation and interact with other technologies.

Strong tendency concerning the continuous convergence of blockchain and AI was noted by EUBOF. Secure storage of sensitive AI data sets on the blockchain can be very helpful in industries where data security is critical, such as banking and healthcare.

Additionally, the convergence of these two technologies makes it possible to create decentralized AI networks, which reduces the possibility of data monopolies and promotes cooperative AI development. The paper underlined that AI can enhance the functionality of smart contracts, which have applications in many sectors.

DeFi Ecosystem Growth

The report by the European Commission further recognized that the ecosystem of decentralized finance (DeFi) continuing to expand. It predicts the introduction of new protocols and developing uses propelled by the energy efficiency, sustainability, and intrinsic interoperability of blockchain technology.

Previously, ETHNews reported that the EU has made a big move by completing rules for the launch of a novel Digital Identity Wallet. The goal of this project is to improve digital identity management throughout the EU, therefore enhancing its digital transformation initiatives.

Recommendations of EUBOF

Among the many proposals given by EUBOF were to increase Europe’s interaction with other stakeholders, serve as a worldwide blockchain knowledge hub, and handle problems brought about by new developments.

At the same time, the EU declared intentions to change the current legislation controlling the European High Performing Computer Joint Undertaking (EuroHPC), which controls the use of supercomputers for AI research.

Building AI Capabilities

Developed from the beginning of the project, EuroHPC oversees nine supercomputers spread around Europe. This goal will be advanced by the new AI factories, as the amendment suggests.

Vice-president of Wallonia and minister of economics, science and innovation Willy Borsus underlined the need of European cooperation in accomplishing important objectives, such as building top-notch supercomputers and improving their results through reliable AI.

Hosting companies can now get up to 50% of the EU’s AI supercomputer acquisition and running costs. Five years after the acceptance testing, the hosting entities can take ownership of these devices.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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