The European Union is being called upon to prepare for the integration of blockchain and AI.

Decentralized AI network, improved smart contracts, and emerging DeFi protocols are some upcoming trends in blockchain that Europe needs to embrace.

The European Union (EU) has been advised to prepare for the convergence of blockchain technology and artificial intelligence (AI).

European Blockchain Observatory and Forum (EUBOF) - an initiative by the European Commission - has been monitoring and analyzing blockchain developments across Europe and published a concluding report on May 24th.

Reported by the General Department of Network Communication, Content and Technology Editing, emphasizing the potential of blockchain in integrating with other technologies and promoting innovation.

EUBOF has identified a strong trend of convergence between blockchain and AI. Sensitive AI datasets can be securely stored on the blockchain, which according to EUBOF, can be useful in healthcare and finance, where data security is paramount.

Furthermore, the convergence of these two technologies can enable a more decentralized AI network. The report also states that: “This can reduce the risk of data monopolies and promote collaborative AI development.”

EUBOF also concluded that AI can enhance the functionality of smart contracts and can be applied in various industries.

The research by the European Commission also acknowledges the continuous development of the decentralized financial ecosystem (DeFi) and predicts the launch of emerging protocols and applications.

Finally, EUBOF predicts that the interactivity, sustainability, and capital efficiency of blockchain technology will be the main driving force for future application.

EUBOF has made recommendations in this area, including acting as a global knowledge hub on blockchain, strengthening Europe’s engagement with various stakeholders, and addressing issues arising from innovation.

At the same time as the EUBOF report, on May 24th, the EU announced plans to amend the current regulations governing the European High Performing Computer Joint Undertaking (EuroHPC), which regulates the use of supercomputers for AI development.

EuroHPC manages nine supercomputers throughout Europe that are focused on development since this initiative is still in its ideation phase. The new AI factories proposed by this initiative will continue the mission. At that time, Willy Borsus, Vice President of Wallonia and Minister of Economy, Research, and Innovation, said:

“Unity is the strength of Europe, and together we have achieved great goals. We have seen this with the development of world-class supercomputers that we have created, and now we need to enhance the results of these powerful machines through reliable AI technology.” > >

According to the new regulations, storage units can receive up to 50% of the costs of purchasing and operating AI supercomputers from the EU. The ownership of these computers can be transferred to storage units after five years from the date of acceptance inspection.

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