The European Blockchain Observatory and Forum (EUBOF), 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 be prepared for the integration of blockchain technology and artificial intelligence (AI).
In the report, EUBOF points out a strong trend of continued integration between blockchain and AI. According to EUBOF, sensitive AI datasets can be securely stored on the blockchain, which is particularly useful in the healthcare and financial sectors where data security is crucial.
On the other hand, EUBOF also highlights that the convergence of these two technologies can enable decentralized AI networks, reducing the risk of data monopolies and promoting collaborative development of AI. EUBOF concludes that AI can enhance the functionality of smart contracts and be applied in various industries.
Meanwhile, EUBOF’s research confirms the continued growth of the decentralized finance (DeFi) ecosystem in Europe, with new protocols and emerging applications expected to be launched. Finally, EUBOF anticipates that the inherent interoperability, sustainability, and energy efficiency of blockchain technology will be the primary drivers for its continued adoption.
Regarding the development of blockchain technology in Europe, EUBOF presents several recommendations, including acting as a global knowledge center for blockchain, strengthening interactions with stakeholders in Europe, and addressing challenges brought by new innovations.
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