EUBOF Advises EU On Blockchain And AI Integration
The European Blockchain Observatory and Forum (EUBOF), an initiative of the European Commission, released a report on May 24 calling on the European Union (EU) to ready itself for the integration of blockchain technology and artificial intelligence (AI). The latest move from the EU blockchain is seen as a proactive approach to secure users’ data.
The EU blockchain report, prepared by the Directorate-General for Communications Networks, Content, and Technology, discussed the potential integration of blockchain technology with AI. It emphasizes blockchain’s secure data storage and management capabilities, particularly in sensitive fields like healthcare and finance.
The report focused on the concept of decentralized AI networks, which could end the current centralized model dominated by large corporations and governments. By leveraging blockchain’s distributed nature, these networks could encourage collaboration and innovation among a broader range of participants.
The EU blockchain report also explored emerging trends in web3, such as decentralized finance (DeFi) and smart contract enhancements.
DeFi provides financial services without traditional intermediaries like banks and is seen as a sector where regulatory frameworks need to be established to ensure consumer protection and financial stability.
The document also discussed smart contracts, which are self-executing agreements stored on a blockchain. The report emphasized the need for advancements in smart contract functionalities to fully exploit their potential in various applications.
The European Commission’s proactive approach to blockchain and AI integration is seen as strategic, especially in light of recent security incidents in the cryptocurrency space.
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