The European Union (EU) has received advice to prepare for the convergence of blockchain technology and artificial intelligence (AI), according to a report published by the European Blockchain Observatory and Forum (EUBOF) on May 24. The report, commissioned by the European Commission, emphasizes the potential of blockchain to integrate with other technologies and drive innovation. Notably, the report identifies a growing trend of the convergence between blockchain and AI, highlighting the secure storage of sensitive AI data sets on the blockchain, particularly in sectors like healthcare and finance where data security is crucial. Furthermore, the report highlights the potential for decentralized AI networks resulting from the convergence of these technologies. The study also recognizes the continued growth of the decentralized finance (DeFi) ecosystem and anticipates the launch of new protocols and applications. The EUBOF predicts that the inherent interoperability, sustainability, and energy efficiency of blockchain technology will drive its continued adoption. The report concludes with recommendations by the EUBOF, including acting as a global hub of knowledge for blockchain, strengthening Europe’s engagement with stakeholders, and addressing issues arising from new innovations. In parallel to the EUBOF report, 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. EuroHPC currently manages nine supercomputers across Europe, and the proposed amendment aims to establish new AI factories to further enhance AI development. Under the new regulation, hosting entities can receive up to 50% of the acquisition and operational costs of AI supercomputers from the EU, and ownership of these machines can be transferred to the hosting entities after five years of acceptance testing.
Call for EU Commission to make preparations for integration of blockchain and AI