Blockchain and AI Convergence: The Future of Innovation in Europe, EUBOF Reports
Summary:
The European Blockchain Observatory and Forum (EUBOF), supported by the European Commission, emphasises the potential benefits of integrating blockchain and artificial intelligence (AI). The May 24 report discusses the secure storage of sensitive AI datasets on blockchain, particularly useful in healthcare and finance. It also mentions the evolution of decentralized AI networks, enhancing smart contract functionality, and several recommendations for Europe to engage with ongoing innovations. Concurrently, the EU plans to update regulations on the European High Performing Computer Joint Undertaking (EuroHPC) that manages supercomputers for AI development across Europe.
The European Blockchain Observatory and Forum (EUBOF), an initiative backed by the European Commission, has issued a statement highlighting the potential advantages of integrating blockchain technology with artificial intelligence (AI). According to a research document published on May 24, the convergence of these two technologies is a significant trend and could drive innovation across Europe.
Among a plethora of uses, the application of blockchain for securely storing sensitive AI data sets is particularly beneficial in sectors such as healthcare and finance, where data security is of utmost importance. The intertwining of blockchain and AI can also lead to the establishment of decentralized AI networks, thereby preventing data monopolies and promoting cooperative AI development.
Enhancing smart contract functionality using AI is another potential convergence application envisioned by the EUBOF. This can be utilized in multiple industries. As the decentralized finance (DeFi) sector continues to mature, the EUBOF predicts further growth fueled by the introduction of novel protocols and applications.
The study places a high emphasis on blockchain’s innate qualities such as interoperability, sustainability, and energy efficiency as key factors for its continued adoption. The forum has proposed several recommendations in this direction, such as serving as a worldwide blockchain knowledge hub, enhancing Europe's interaction with various stakeholders, and addressing challenges posed by innovative techniques.
In related news, the EU, on May 24, revealed intentions to update existing regulations on the European High Performing Computer Joint Undertaking (EuroHPC), an initiative that oversees the use of supercomputers for AI development. The proposed amendment supports the establishment of new AI factories to extend the utility of the nine supercomputers managed by EuroHPC across Europe.
Willy Borsus, vice-president of Wallonia and minister for economy, research and innovation, emphasised the value of unity, stating "We have witnessed this with the development of our first-class supercomputers, and now we’re looking forward to amplifying the results of these powerful machines through reliable AI." As per the modified regulation, the EU can cover up to half of the acquisition and operational costs of AI supercomputers. After five years of acceptance testing, the ownership of these machines can be passed onto the hosting entities.
Published At
5/27/2024 10:44:38 AM
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