European Union Advised to Embrace Blockchain and AI Integration

The European Union (EU) has received recommendations to prepare for the convergence of blockchain technology and artificial intelligence (AI).

Monitoring blockchain developments across Europe, the European Blockchain Observatory and Forum (EUBOF), an initiative of the European Commission, released its conclusive report on May 24.

Authored by the Directorate-General for Communications Networks, Content, and Technology, the report underscores blockchain’s potential to synergize with other technologies, fostering innovation.

A prominent trend identified by EUBOF is the growing convergence of blockchain and AI. The report notes that securely storing sensitive AI datasets on the blockchain can be particularly beneficial in sectors like healthcare and finance, where data security is critical.

Moreover, the fusion of these technologies can pave the way for decentralized AI networks, mitigating the risks associated with data monopolies and fostering collaborative AI development.

EUBOF also highlights AI’s potential to enhance smart contract functionality, with applications across various industries.

The European Commission’s study recognizes the expanding decentralized finance (DeFi) ecosystem, foreseeing the emergence of new protocols and applications.

Furthermore, EUBOF expects blockchain’s inherent interoperability, sustainability, and energy efficiency to continue driving its adoption.

In its recommendations, EUBOF suggests establishing the EU as a global knowledge hub for blockchain, strengthening engagement with diverse stakeholders, and addressing emerging challenges posed by innovative developments.

To delve deeper into blockchain technology and its applications, readers are encouraged to explore Cointelegraph’s comprehensive guide on crypto and AI.

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