European Union (EU) researchers think the convergence of blockchain technology and artificial intelligence (AI) could have “significant potential.”
In a new report, the EU’s Blockchain Observatory and Forum (EUBOF), an initiative that monitors distributed ledger developments across the continent, probed the current regulatory status of crypto assets in the 27 EU member states, as well as the United Kingdom (UK) and Switzerland.
EUBOF researchers also examined potential upcoming trends in the digital asset space, noting that AI and blockchain could enhance each others’ capabilities.
Explain the researchers,
“Blockchain can provide a secure and transparent framework for AI data, ensuring data integrity and privacy. This is particularly important in sectors such as healthcare and finance, where data security is paramount…
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 collaborative AI development…
AI can enhance the functionality of smart contracts by enabling more complex and adaptive contract conditions. This can lead to more efficient and automated processes in various industries.”
The EUBOF researchers also predict that decentralized finance (DeFi) will continue to expand, more chains will implement interoperable capabilities and there will be a continued push toward more environmentally sustainable blockchain solutions.
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