The European Blockchain Observatory and Forum (EUBOF), which is responsible for monitoring the development of blockchain technology across Europe, released a conclusive report on May 24th. The report, written by the Directorate-General for Communications Networks, Content and Technology, emphasizes the potential of integrating blockchain with other technologies to drive innovation, and suggests that the European Union (EU) should prepare for the integration of blockchain technology and artificial intelligence (AI).
In the report, EUBOF highlights a strong trend of continuous fusion between blockchain and AI. According to EUBOF, sensitive AI datasets can be securely stored on the blockchain, which is particularly useful in the fields of healthcare and finance where data security is crucial.
On the other hand, EUBOF also points out that the fusion of these two technologies can enable decentralized AI networks, reducing the risk of data monopolies and promoting collaborative development of AI. EUBOF also concludes that AI can enhance the functionality of smart contracts and be applied to various industries.
Meanwhile, EUBOF’s research confirms the continuous growth of the decentralized finance (DeFi) ecosystem in Europe, with the expectation of new protocols and emerging applications. Lastly, EUBOF expects that the inherent interoperability, sustainability, and energy efficiency of blockchain technology will be the main driving forces for its continued adoption.
EUBOF proposes several recommendations for the development of blockchain technology in Europe, including acting as a global knowledge hub for blockchain, strengthening interactions between Europe and stakeholders, and addressing challenges brought by new innovations.
