The European Union (EU) has been advised to prepare for the intersection of blockchain technology and artificial intelligence (AI), according to recommendations from the European Blockchain Observatory and Forum (EUBOF), an initiative of the European Commission. In a recent report published on May 24, the EUBOF, authored by the Directorate-General for Communications Networks, Content and Technology, emphasized blockchain’s potential to synergize with other technologies and foster innovation.
The report underscored a notable trend regarding the growing convergence between blockchain and AI. It pointed out that sensitive AI datasets can be securely stored on the blockchain, particularly beneficial in sectors like healthcare and finance where data security is crucial. Moreover, the combination of these technologies can facilitate the development of decentralized AI networks, potentially mitigating the risks associated with data monopolies and encouraging collaborative AI initiatives.
Furthermore, the report highlighted the potential for AI to enhance the functionality of smart contracts, which can have applications across diverse industries. Additionally, it acknowledged the ongoing expansion of the decentralized finance (DeFi) ecosystem and anticipated the emergence of new protocols and applications.
EUBOF’s recommendations included positioning itself as a global knowledge hub for blockchain, strengthening Europe’s collaboration with various stakeholders, and addressing challenges arising from technological advancements.
Coinciding with EUBOF’s report, the EU announced plans on May 24 to amend regulations governing the European High Performing Computer Joint Undertaking (EuroHPC), aimed at leveraging supercomputers for AI development. Under the proposed amendment, new AI factories will be established to maximize the utilization of existing supercomputers across Europe for AI purposes. The EU plans to subsidize up to 50% of the acquisition and operational costs of AI supercomputers for hosting entities, with ownership transfer possible five years after acceptance testing.
Willy Borsus, vice-president of Wallonia and minister for economy, research, and innovation, emphasized the importance of European unity in achieving shared goals, particularly in the development of world-class supercomputers and the advancement of trustworthy AI technologies.
May 2024, Cryptoniteuae
