The European Union (EU) is being urged to prepare for a groundbreaking convergence of blockchain technology and artificial intelligence (AI), marking a significant step toward future innovation.
On May 24, the European Blockchain Observatory and Forum (EUBOF), an initiative under the European Commission, released a comprehensive report highlighting this integration’s potential. The EUBOF report emphasizes the robust trend of blockchain and AI convergence, underscoring the enhanced security blockchain offers for sensitive AI datasets—crucial in sectors like healthcare and finance.
The report suggests that merging these technologies could lead to decentralized AI networks, which would mitigate the risks of data monopolies and foster collaborative AI development. Additionally, AI’s integration with blockchain could significantly enhance smart contract functionality across various industries.
The European Commission’s study also points to the sustained growth of the decentralized finance (DeFi) ecosystem, predicting a surge in new protocols and innovative applications. The inherent interoperability, sustainability, and energy efficiency of blockchain technology are cited as primary factors driving its widespread adoption.
To capitalize on these advancements, the EUBOF recommends several strategic actions: establishing a global knowledge hub for blockchain, enhancing Europe’s engagement with key stakeholders, and addressing challenges arising from technological innovations.
In tandem with the EUBOF report, the EU announced amendments to the regulation governing the European High Performing Computer Joint Undertaking (EuroHPC) on the same day. These changes aim to bolster AI development through the use of supercomputers. EuroHPC, which oversees nine supercomputers across Europe, will see the creation of new AI factories under the revised regulation.
Willy Borsus, vice-president of Wallonia and minister for economy, research, and innovation, stated, “Unity is the strength of Europe, and together we have achieved great goals. We have seen this with the development of our world-class supercomputers, and now we want to boost the outcomes of these powerful machines through trustworthy AI.”
Under the new regulation, hosting entities can receive up to 50% of the acquisition and operational costs for AI supercomputers from the EU. Ownership of these machines can be transferred to the hosting entities five years after acceptance testing, promoting long-term technological advancement in Europe.