EUBOF Suggests Huge Gains from AI-Blockchain Merge

Two buzzwords you have most definitely heard a lot about are blockchain and artificial intelligence. But when these technologies work together, what are the results?

Examining this very issue is the European Union (EU). Actually, part of the European Commission, the European Blockchain Observatory and Forum (EUBOF), just released a paper highlighting the possibilities of combining artificial intelligence (AI) with blockchain technology.

The EUBOF report, written by the Directorate-General for Communications Networks, Content, and Technology, suggests enormous opportunities.

Consider this: the blockchain can hold extremely safe AI data that requires great security. For sectors like finance and healthcare, where data security is absolutely vital, this is a huge matter.

Combining blockchain and artificial intelligence can also produce distributed artificial intelligence networks, notes the EUBOF. This implies that there can be a more cooperative approach to artificial intelligence research instead of a small number of powerful corporations holding all the data. Stated differently, it leveled the playing field.

The way this IT team uses artificial intelligence to create smart contracts is also rather fascinating. These contracts are more dependable and efficient since they automatically run when criteria are satisfied, thanks to artificial intelligence.

The EUBOF advises Europe to become a worldwide blockchain knowledge base if it is to spearhead the charge. They also advise interacting more with several stakeholders and handling the difficulties accompanying new ideas.

Apart from that, the EU intends to change rules for the European High Performance Computer Joint Undertaking (EuroHPC), which oversees supercomputers all throughout Europe. These supercomputers will enable the growth of artificial intelligence since new AI factories will improve their capacity.