By Michael Scott
The EUBOF report urges the EU Commission to prepare for the likely artificial intelligence (AI) and blockchain integration.
The Friday May 24 report by the European Blockchain Observatory and Forum (EUBOF) conveyed an advisory to the EU Commission to undertake adequate preparation for the AI-blockchain integration.
Prepare for AI-Blockchain Integration
The EUBOF disclosed that decentralized AI networks enhanced smart contracts, and decentralized finance (DeFi) protocols are upcoming trends in blockchain technology.
The EUBOF predicts blockchain technology is destined for convergence with artificial intelligence, urging the EU Commission to prepare. The EUBOF involves an initiative to monitor and analyze blockchain developments across Europe.
The concluding report captured the input of the Directorate-General for Communications Networks, Content, and Technology to highlight the potential of blockchain integration with technologies and driving innovation.
The EUBOF singles out the strong trend involving blockchain-AI convergence. The report illustrates the viability of securely storing sensitive AI data sets over the blockchain in healthcare and finance sectors where security is critical.
The EUBOF report adds that blockchain-AI convergence can facilitate strengthening decentralized AI networks. Doing so would avert the risk of data monopolies, instead promoting collaborative AI development.
The EUBOF highlighted the potential of artificial intelligence in enhancing the smart contract functionality that one can apply across various industries.
The EU Commission’s study noted the accelerated growth of the DeFi ecosystem to project the likely unveiling of new protocols and applications. The EUBOF added that the DeFi growth leverages the interoperability, energy efficiency, and sustainability guaranteed by the blockchain technology. Such attributes constitute the primary drivers of blockchain adoption.
The EUBOF captured several suggestions that would aid the EU Commission’s preparedness. It urged an enhanced ecosystem for the EU to become the global knowledge hub for blockchain while strengthening engagements with stakeholders to address issues confronting innovations.
EU Commission Amends Regulation on EuroHPC
The EU Commission would, concurrently with the EUBOF’s report, disclose plans to amend the present regulation that governs the European High Performing Computer Joint Undertaking (EuroHPC). The EuroHPC is involved in dictating the supercomputer’s utilization of AI development.
The EuroHPC manages nine supercomputers developed within Europe since its outset. The amendment proposes that AI factories further the EuroHPC mission.
The Wallonia vice president Willy Borsus urged unity of Europe as necessary given its previous achievement. He added that unity is evident in developing the world-class supercomputers that the EU Commission seeks to bolster outcomes of the powerful machines via trustworthy AI.
The new regulation suggests hosting entities can receive 50% of the expenses incurred to acquire and run the AI supercomputers. The ownership of the machines is transferable to the hosting entities; however, it is 60 months after the acceptance assessment.