The EU is getting ready for a big change: blending blockchain with artificial intelligence (AI). This big move is backed by the European Blockchain Observatory and Forum (EUBOF), which keeps an eye on blockchain progress.
Key Takeaways
- EU’s Bold Step: The European Union (EU) is preparing to combine blockchain and artificial intelligence (AI). European Blockchain Observatory and Forum (EUBOF) will be backing this process.
- Blockchain-AI Synergy: EUBOF’s recent report emphasizes the compatibility of blockchain with AI. This suggests secure storage of sensitive AI data on the blockchain for industries like healthcare and finance.
- EUBOF’s Recommendations: EUBOF proposes key recommendations for effective Blockchain-AI integration; including establishing the EU as a global blockchain knowledge hub and fostering deeper engagement with stakeholders.
- Decentralized AI Networks: The combination of blockchain and AI can lead to the creation of decentralized AI networks. This will bring revolution to industries by distributing AI power.
- AI and Smart Contracts: EUBOF’s report highlights the symbiotic relationship between AI and smart contracts.
- Growing DeFi Sector: EUBOF acknowledges the rapid expansion of the decentralized finance (DeFi) ecosystem. This will include new protocols and applications to enhance blockchain’s utility.
- EUBOF’s Vision and EU’s Initiatives: Looking ahead, EUBOF foresees blockchain’s attributes driving global adoption. EU plans to update regulations to use supercomputers for AI development, further enhancing Europe’s tech capabilities.
In a recent report, EUBOF said how blockchain can work well with other cool tech, especially AI. One big idea from the report is keeping sensitive AI data safe on the blockchain. This could be huge for industries like healthcare and finance where data safety is super important.
Recommendations by EUBOF for Blockchain and AI Integration:
| Recommendation | Description |
|---|---|
| Act as a global knowledge hub for blockchain | Establish the EU as a central repository of blockchain expertise, fostering collaboration and knowledge-sharing on a global scale. |
| Strengthen engagement with stakeholders | Foster deeper partnerships with industry players, academia, and regulatory bodies to ensure a holistic approach to blockchain-AI integration. |
| Address challenges arising from new innovations | Proactively identify and mitigate potential challenges posed by the convergence of blockchain and AI, ensuring a smooth transition towards integration. |
Additionally, combining blockchain and AI can create decentralized AI networks, changing many industries by spreading AI power. EUBOF’s report also talked about AI and smart contracts working together, making processes smoother across different sectors. The report also noticed DeFi growing fast, with new protocols and apps boosting blockchain’s usefulness.
EUBOF’s Vision and EU’s Strategic Initiatives
Looking ahead, EUBOF foresees blockchain’s attributes like interoperability and sustainability continuing to drive its adoption worldwide. These features position blockchain as a transformative tool, reshaping industries and fostering global innovation.
To maximize the potential of blockchain-AI integration, EUBOF suggests strategic steps like establishing the EU as a global blockchain knowledge hub. This includes deeper engagement with stakeholders and addressing challenges posed by technological advancements.
In parallel, the EU plans to update regulations for using supercomputers in AI development, further enhancing Europe’s tech capabilities. These changes come with substantial EU support for acquiring and operating AI supercomputers, highlighting the EU’s commitment to innovation and leadership.
Disclaimer
FAQ
The European Union is preparing to integrate blockchain technology with artificial intelligence (AI), supported by the European Blockchain Observatory and Forum (EUBOF). This initiative aims to enhance data security and drive innovation across various industries.
Integrating blockchain with AI can revolutionize industries like healthcare and finance by providing secure storage for sensitive AI data and enabling decentralized AI networks, which distribute AI power more effectively.
EUBOF recommends establishing the EU as a global blockchain knowledge hub, fostering deeper engagement with stakeholders, and addressing challenges posed by the convergence of blockchain and AI.
