European Commission Advised to Prepare for Blockchain and AI Integration, Highlights from EUBOF Report

The European Commission has been advised to prepare for the integration of blockchain and artificial intelligence (AI) technologies, as suggested by the European Blockchain Observatory and Forum (EUBOF). In their recent report, EUBOF highlighted the potential for blockchain to securely store sensitive AI data sets, particularly in sectors like healthcare and finance where data security is crucial. Moreover, the convergence of blockchain and AI could facilitate the development of decentralised AI networks, reducing the risk of data monopolies and fostering collaborative AI development. Additionally, AI has the potential to enhance the functionality of smart contracts, offering applications across various industries. EUBOF also emphasised the continued growth of the decentralised finance (DeFi) ecosystem and highlighted blockchain's interoperability, sustainability, and energy efficiency as key drivers for its adoption. Alongside the report, the European Union announced plans to amend regulations governing the European High Performing Computer Joint Undertaking (EuroHPC), aiming to further support AI development by facilitating access to supercomputers across Europe.