How AI and blockchain can strengthen each other in Europe
Researchers from the European Commission see an exciting future for the combination of blockchain technology and artificial intelligence (AI).
In a recent report the EU’s Blockchain Observatory and Forum (EUBOF) looked at current cryptocurrency rules in Europe and also explored new trends in digital technology.
What does EUBOF want?
In September 2019, the European Commission developed a European Blockchain Strategy to promote blockchain-based innovation. Blockchain must also align with our European values. The aim of EUBOF is to accelerate the adoption of blockchain technologies and create a balanced and consistent policy framework.
EUBOF believes that blockchain and AI can reinforce each other. Blockchain can provide a safe and reliable system for AI data. This is especially important in sectors such as healthcare and finance, where data security is essential.
“Blockchain can provide a secure and transparent framework for AI data, ensuring data integrity and privacy. This is especially important in industries such as healthcare and finance, where data security is of paramount importance…’
Fewer monopolies
Blockchain can also provide decentralized AI networks, where AI models and data are distributed across a blockchain network. This means there is less chance of monopolies in the field of data and everyone can participate in the development of AI.
‘Blockchain can enable decentralized AI networks, where AI models and data are distributed across a blockchain network. This can reduce the risk of data monopolies and promote the joint development of AI…’
Smarter smart contracts
In addition, AI can literally make smart contracts smarter. With AI, credits in such a contract can depend on more complex conditions. This can lead to more efficient and automatic processes in all kinds of industries.
The research states:
‘AI can improve the functionality of smart contracts by enabling more complex and adaptive contract terms. This can lead to more efficient and automated processes in various industries.’
EUBOF researchers further predict that decentralized finance (DeFi) will continue to grow, that more blockchain systems will be able to work together and that more attention will be paid to sustainable blockchain solutions.
