EUBOF, an initiative launched by the European Commission, recommends preparing for the convergence of blockchain and AI

The European Blockchain Observatory and Forum (EUBOF), an initiative launched by the European Commission that monitors and analyzes blockchain developments across Europe, released a concluding report on May 24. The report, written by the Directorate-General for Communications Networks, Content and Technology, highlights the potential of blockchain to combine with other technologies and drive innovation. EUBOF found strong trends related to the continued convergence of blockchain and artificial intelligence. Sensitive AI datasets can be securely stored on-chain. According to EUBOF, this is useful in "healthcare and financial sectors where data security is critical." In addition, the fusion of the two technologies can enable decentralized AI networks. "This can reduce the risk of data monopolies and promote collaborative development of AI," the report added. EUBOF also said that AI can improve the functionality of smart contracts and can be applied to various industries. Its research also acknowledged the continued growth of the DeFi ecosystem and expected the launch of new protocols and emerging applications. EUBOF expects the inherent interoperability, sustainability and energy efficiency of blockchain technology to be the main drivers of its continued adoption. (Cointelegraph)