Call for EU Commission to get ready for integration of blockchain and AI

The European Union (EU) has been advised to prepare for the merging of blockchain technology and artificial intelligence (AI), according to a report by the European Blockchain Observatory and Forum (EUBOF), an initiative of the European Commission. The report, published on May 24, emphasized the potential of blockchain to integrate with other technologies and drive innovation. The EUBOF identified a significant trend in the convergence of blockchain and AI, noting that blockchain can securely store sensitive AI data sets, particularly in sectors like healthcare and finance where data security is crucial. The report also highlighted how the convergence of these technologies can enable decentralized AI networks. Additionally, the EUBOF concluded that AI can enhance the functionality of smart contracts, which can be applied across various industries. The report also acknowledged the growth of the decentralized finance (DeFi) ecosystem and anticipated the launch of new protocols and applications. Furthermore, the EUBOF expects that blockchain’s interoperability, sustainability, and energy efficiency will continue to drive its adoption. The report made several recommendations, including establishing the EUBOF as a global knowledge hub for blockchain, strengthening Europe’s engagement with stakeholders, and addressing challenges arising from new innovations. Concurrently, the EU announced plans to amend the regulation governing the European High Performing Computer Joint Undertaking (EuroHPC), which oversees the use of supercomputers for AI development. The amendment proposes the creation of new AI factories to support this mission. Under the new regulation, hosting entities can receive up to 50% of the acquisition and operational costs of AI supercomputers from the EU, with ownership transfer possible after five years of acceptance testing.