European Union Commission urges readiness for blockchain and artificial intelligence convergence

The European Blockchain Observatory and Forum (EUBOF), an initiative launched by the European Union Commission, monitors and analyses blockchain developments across Europe and published a concluding report on 24 May. Written by the Directorate-General for Communication Networks, Content and Technology, the report highlights the potential of blockchain to combine with other technologies and drive innovation.
The EUBOF has identified strong trends related to the ongoing convergence of blockchain and artificial intelligence. Sensitive artificial intelligence datasets can be securely stored on the blockchain, which, according to the EUBOF, is very useful in "healthcare and finance where data security is paramount." In addition, the convergence of the two technologies can enable decentralized artificial intelligence networks. "This can reduce the risk of data monopolies and facilitate collaborative development of artificial intelligence," the report added. The EUBOF also concluded that artificial intelligence can improve the functionality of smart contracts and can be applied in various industries.