DeFi

Fusion

Elon

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The European Union has been urged to brace for the convergence of AI and blockchain tech.</li>
 <li>Decentralized AI networks, enhancement of smart contracts and emerging DeFi protocols are gaining popularity, EUBOF notes.</li>
</ul>
The European Union has been advised to prepare for the fusion between AI and blockchain technology.
The European Blockchain Observatory and Forum (EUBOF) monitored and analyzed blockchain developments across Europe, publishing <a href="https://blockchain-observatory.ec.europa.eu/publications/eubof-conclusion-report_en" rel="noopener noreferrer nofollow" target="_blank">a report</a> on May 24.
The report was authored by the EUBOF team and it highlighted the potential of the blockchain potential to integrate with other technologies and support innovation.
<h2 id="the-fusion-between-ai-and-blockchain-technology">The fusion between AI and blockchain technology</h2>
The EUBOF revealed, via their report, a strong trend related to the ongoing convergence between AI and blockchain technology.
AI data sets can be securely stored on the blockchain and this can be useful to healthcare and finance, according to the notes. These two industries require paramount security.
Also, the fusion of the two technologies can enable decentralized AI networks which can reduce the risk of data monopolies and, at the same time, promote collaborative AI development.
According to the same report, AI can improve smart contract functionality and this can then be applied across various industries.
The study also analyzed the continuous growth of the DeFi ecosystem, anticipating the launch of new protocols and emerging applications.
EUBOF also believes that blockchain technology will bring inherent interoperability, sustainability, and energy efficiency which will all be vital catalysts towards adoption.
The EU has recently <a href="https://www.consilium.europa.eu/en/press/press-releases/2024/05/23/ai-council-reaches-political-agreement-on-the-use-of-super-computing-for-ai-development/" rel="noopener noreferrer nofollow" target="_blank">announced</a> plans to amend the current regulation governing the European High Performing Computer Joint Undertaking (EuroHPC) which dictates the use of supercomputers for AI development.
The entity manages nine supercomputers across Europe developed since the initiative came to life. The new AI factories proposed by the amendment will propel this mission further into the future.
Willy Borsus, vice-president of Wallonia and minister for economy, research, and innovation highlighted recently that unity is the strength of Europe and great goals can be achieved together.
He continued and said that this has already been seen with the development of world-class supercomputers and now, it’s time to boost the powerful machines via “trustworthy AI.”
Speaking of trustworthy AI, earlier we revealed that<a href="https://crypto.ro/en/news/elon-musks-xai-secures-6b-in-new-funding-round/" rel="noopener noreferrer nofollow"> xAI</a>, Elon Musk’s AI-focused startup is planning to <a href="https://crypto.ro/en/news/elon-musks-xai-to-build-gigafactory-of-compute-supercomputer-by-2025/" rel="noopener noreferrer nofollow">build a supercomputer</a> called the “Gigafactory of Compute” that should be ready by fall 2025.
His firm’s core mission is understanding the universe, which “requires maximally rigorous pursuit of the truth, without regard to popularity or political corectness.”

EU Braces For The Fusion Of Blockchain Tech And AI

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