FameEX Hot Topics | EU Commission Advised to Prepare for Integration of Blockchain and AI

The European Union (EU) is poised to significantly benefit from the convergence of blockchain technology and artificial intelligence (AI), as highlighted in a recent report by the European Blockchain Observatory and Forum (EUBOF). This body, an initiative of the European Commission, monitors and analyzes blockchain developments within Europe. The report, released on May 24, underscores blockchain's potential in revolutionizing sectors like healthcare and finance by enhancing data security and enabling innovative applications such as decentralized AI networks.

EUBOF's insights reveal a strong trend towards integrating blockchain and AI, which could lead to significant advancements in smart contract functionality and decentralized finance (DeFi). Such integration facilitates secure storage of sensitive AI datasets on blockchain networks, mitigating risks of data monopolies and fostering collaborative developments in AI. These technological synergies are expected to drive further innovation and adoption of blockchain across various industries.

Additionally, the report suggests that blockchain’s intrinsic features like interoperability, sustainability, and energy efficiency are likely to be key factors in its ongoing expansion. EUBOF recommended several measures to support this growth, including establishing Europe as a global knowledge hub for blockchain technologies, enhancing engagement with stakeholders, and navigating challenges posed by new technological innovations.

Simultaneously, the European Commission is adjusting regulations to expand the use of AI through supercomputers under the European High Performing Computer Joint Undertaking (EuroHPC). This amendment aims to create new AI factories, further leveraging Europe’s network of nine supercomputers for advanced AI development. Willy Borsus, Vice-President of Wallonia and Minister for Economy, Research, and Innovation, emphasized the collaborative achievements of Europe in this field, expressing a commitment to enhancing the capabilities of these supercomputers with trustworthy AI applications.

The revised EuroHPC regulation proposes financial incentives for hosting entities, offering up to 50% coverage of acquisition and operational costs for AI supercomputers, with potential ownership transfer after five years. This policy is designed to boost the AI capacities of the participating entities and align with Europe’s broader goals of technological advancement and digital sovereignty.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.