The European Union (EU) is preparing for the integration of blockchain technology and artificial intelligence (AI).
The European Union has received the information necessary to prepare for the convergence of blockchain technology and artificial intelligence (AI).
The European Blockchain Observatory and Forum, an initiative of the European Commission, published a closing report on May 24. This organization was responsible for monitoring and analyzing blockchain developments across Europe.
EU To Regulate Blockchain AI
The Directorate-General for Communications Networks, Content, and Technology highlighted the potential of blockchain technology to integrate with other technologies and promote innovation in their paper.
In relation to the continuing convergence of blockchain technology and artificial intelligence, the EUBOF discovered a significant trend.
According to the European Union Business Office for Finance, the blockchain has the potential to be useful in “healthcare and finance, where data security is paramount.”
The blockchain can safely store sensitive AI data sets. The convergence of these two technologies can also make it possible to create decentralized artificial intelligence networks.
The paper also concluded that artificial intelligence can improve the functionality of smart contracts, a concept that can find application across diverse industries.
Furthermore, the European Commission’s study underscored the continuous growth of the decentralized finance (DeFi) ecosystem and projected the introduction of new protocols and future applications.
Last but not least, the European Union Blockchain Organization believes that the inherent interoperability, sustainability, and energy efficiency of blockchain technology will be the key drivers of its continuous acceptance.
The European Union Business and Operations Forum made several proposals in this area, including acting as a global blockchain knowledge hub, enhancing Europe’s interaction with various stakeholders, and addressing challenges brought on by new developments.
In addition to the publication of the study, the European Union announced on May 24 that it intends to revise the existing law that governs the European High-Performing Computer Joint Undertaking (EuroHPC).
This regulation mandates the use of supercomputers for artificial intelligence development. EuroHPC manages the nine supercomputers created since the venture’s inception across Europe.
The amendment’s planned new artificial intelligence factories will advance this mission. Willy Borsus, who was serving as Wallonia’s vice president and minister for economy, science, and innovation at the time, stated that the new rule allows hosting companies to receive up to 50% of the costs associated with the acquisition and operation of artificial intelligence supercomputers from the European Union.
Hosting entities can take ownership of these machines after completing acceptance testing for a period of five years.