The European Union (EU) is experiencing a technological revolution driven by the convergence of blockchain and artificial intelligence (AI).
A recent report published by the Directorate-General for Communications Networks, Content, and Technology sheds light on future trends and policy actions for blockchain in Europe.
Blockchain and AI Synergy
The European Union Blockchain Observatory and Forum (EUBOF) report highlights the secure storage of sensitive AI data on blockchain, particularly in healthcare and finance. Blockchain’s tamper-proof nature ensures data integrity and privacy, critical for managing sensitive information. This capability enhances trust and ensures compliance with data protection regulations, making blockchain an essential technology in data management.
The convergence of blockchain and AI fosters the creation of decentralized AI networks. These networks distribute AI models and data across a decentralized ledger system, reducing the risk of data monopolies. The EUBOF report emphasizes that decentralized AI networks enhance industry applications by providing a more secure and transparent framework for AI development.
Integrating AI with blockchain can streamline operations, reduce costs, and minimize human error in executing contracts. The report also notes the continuous growth of the decentralized finance (DeFi) ecosystem. The EUBOF anticipates new DeFi protocols and emerging applications driven by interoperability, sustainability, and energy efficiency.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
“The Observatory’s valuable work, including its thematic papers and workshops, will remain an essential resource for stakeholders, academia, and policymakers exploring future advancements in blockchain technology,” said Pierre Marro, Senior Policy Officer at the Directorate-General for Communications Networks, Content, and Technology.
Additionally, the EUBOF made several recommendations to enhance Europe’s engagement with new technologies. It advocates for the EU to act as a global knowledge hub and to strengthen collaborations with various stakeholders.
The convergence of blockchain and AI represents a significant opportunity for the EU to drive future innovation. By building a secure and collaborative environment, Europe can leverage these technologies to enhance various industries. The EU’s proactive approach positions it as a leader in technological advancements, ensuring economic growth and a competitive global edge. Continuous investment in research, development, and policy-making will unlock new potentials, creating an ecosystem that supports innovation and sustainability.
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