• Tue. Jun 25th, 2024

EU Commission Prepares for Blockchain and AI Integration

Steve Kornacki

BySteve Kornacki

May 27, 2024
EU Commission Prepares for Blockchain and AI Integration

EUBOF Report Highlights Blockchain and AI Convergence

The European Union (EU) is taking proactive steps to stay ahead of emerging technological trends by integrating blockchain technology with artificial intelligence (AI). The European Blockchain Observatory and Forum (EUBOF) recently published a comprehensive report providing key insights and recommendations.

The report highlights the exciting potential of the convergence of blockchain and AI technologies. This convergence opens up new avenues for innovation, particularly in sectors where data security is of utmost importance, such as healthcare and finance.

One key finding from the EUBOF report is the potential of blockchain in securing the storage of sensitive AI data. This application holds particular relevance in sectors such as healthcare and finance, where data security is of utmost importance. 

EUBOF further highlighted how AI can enhance the functionality of smart contracts. The study also acknowledged the ongoing growth of the decentralized finance (DeFi) ecosystem. EUBOF anticipates the launch of new protocols and emerging applications that will continue to drive the DeFi sector forward.

EU to Amend EuroHPC Regulation for AI Supercomputers

Meanwhile, the EU has announced plans to amend the European High Performing Computer Joint Undertaking (EuroHPC) regulation. Under the proposed amendment, EuroHPC aims to establish AI factories to maximize the outcomes of supercomputers. 

Willy Borsus, vice president of Wallonia and minister for economy, research, and innovation, emphasized the need to develop world-class supercomputers and leverage them for trustworthy AI applications. The proposed changes to the EuroHPC regulation aim to support hosting AI supercomputers. 

Also, hosting organizations could receive financial support from the EU, covering up to half the costs of acquiring and operating these machines. Furthermore, these hosting entities could gain full ownership of the AI supercomputers five years after installation and testing, offering a significant long-term benefit. 

Accordingly, the EUBOF has put forth several recommendations to the EU Commission. These include strengthening stakeholder engagement and addressing challenges arising from innovations.

Elon Musk’s xAI Raises $6 Billion in Series B Funding

Meanwhile, Elon Musk’s venture, xAI, has secured $6 billion in a Series B funding round. The funding elevates the company’s valuation to $24 billion just 11 months after its inception in July 2023.

Participants in this funding round include Sequoia Capital, Vy Capital, Valor Equity Partners, Andreessen Horowitz, and Fidelity Management & Research Company. Moreover, notable individual investors, like Kingdom Holding and Prince Alwaleed Bin Talal, have shown confidence in xAI’s vision and potential.

Musk’s xAI focuses on developing advanced systems that prioritize competence and maximal societal benefit. xAI plans to use the newly acquired funds to advance its research and development efforts and bring its first product to market. To attract top talent, Musk has urged his 184 million followers across his social media channels to join xAI and contribute to its transformative endeavors.

Grok-1.5 Unveiled: xAI Advances AI Capabilities

xAI’s foray into the AI landscape gained momentum with its first AI chatbot, Grok-1, launched last November. Furthermore, xAI made significant strides in fostering collaboration and innovation by open-sourcing the network architecture of Grok-1 in March.

Despite Grok’s current technological infancy compared to industry stalwarts like OpenAI’s ChatGPT, Musk expressed confidence in xAI’s ability to narrow the gap and emerge as a formidable competitor in the AI arena.

He made these remarks during his speech at Viva Tech Paris 2024. Nevertheless, Musk has not disregarded the potential risks of AI development. In March, he joined over 2,600 tech experts in calling for a temporary halt to AI advancement, citing profound dangers to society and humanity.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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