EUBOF operates as an initiative of the European Commission. The institution monitors, analyzes and reports on blockchain developments across Europe. The latest report, published on May 24, 2024, highlights the potential of blockchain technology to integrate with other technologies and pave the way for innovative applications.

The report particularly draws attention to the convergence between blockchain and artificial intelligence. EUBOF predicts that securely storing sensitive AI datasets on blockchain could be beneficial in “healthcare and finance areas where data security is critical.” The security and transparency features offered by blockchain technology can provide an ideal environment for protecting sensitive data used in artificial intelligence.

Another important potential of this convergence is the development of decentralized artificial intelligence networks. According to the report, blockchain technology can contribute to the establishment of a more democratic and collaborative artificial intelligence ecosystem by eliminating the centralized structure of artificial intelligence systems. In this way, the risk of data monopoly can be reduced and artificial intelligence development processes can be enriched with the participation of more stakeholders.

The EUBOF report also points out that artificial intelligence can increase the functionality of smart contracts. Smart contracts are computer programs that are automatically executed when certain conditions are met. Smart contracts powered by artificial intelligence can become capable of processing more complex transactions and lead to innovative applications across different industries.

However, there are also some challenges that the EU will face in this area. Blockchain and artificial intelligence technologies are still in their maturity stage and are constantly evolving. The legislation and regulations of these technologies are not yet fully established. In order for the EU to fully evaluate the potential of these technologies, it needs to update the regulatory framework with innovative approaches.

Additionally, issues such as the ethical use of artificial intelligence and data privacy should also be addressed. The EU should ensure that these technologies are used safely and responsibly by establishing ethical principles for the development and use of artificial intelligence technologies. In terms of data privacy, although the transparency and security features offered by blockchain technology are useful for protecting data used in artificial intelligence systems, regulations regarding the protection of individual data rights should also be reviewed.

In conclusion, the EUBOF report reveals that the combination of blockchain and artificial intelligence offers significant opportunities for the EU. However, in order to benefit from these opportunities, the EU needs to adopt an innovative approach, update legislation and establish ethical principles. By taking these steps, the EU can be at the forefront of this technological transformation and gain an advantage in global competition.

The report also makes recommendations for the EU to become a global knowledge center in the field of blockchain technology, strengthen cooperation with other countries and international organizations, and address issues arising from new technologies.