The latest report from the EU Blockchain Observatory and Forum (EUBOF) highlights the convergence between blockchain and artificial intelligence (AI). This merger promises to transform various sectors by improving the efficiency, transparency and security of processes. In this article, we look at the key points of this report, the potential benefits of this convergence and the challenges to be overcome.
The convergence of blockchain and AI
Key points of the EUBOF report
EUBOF has published a detailed report explaining how blockchain and AI can complement each other to deliver innovative solutions. The report identifies several key areas where this convergence can be particularly beneficial:
- Data security: Blockchain ensures data transparency and integrity, while AI can analyse this data to detect anomalies and prevent cyber attacks.
- Operational efficiency: Blockchain-based smart contracts can automate transactions and processes, reducing costs and errors. AI can optimise these processes in real time.
- Regulatory compliance: Blockchain provides an immutable record of transactions, facilitating regulatory compliance. AI can monitor and analyse transactions to ensure ongoing compliance.
The potential benefits of this convergence
Improved transparency and traceability
The combination of blockchain and AI can improve transparency and traceability in many sectors, including supply chain and healthcare. For example, in the supply chain, every step of the process can be recorded on blockchain, while AI can analyse this data to identify inefficiencies and potential risks.
Enhanced security
Data security is another area where this convergence can have a significant impact. Blockchain can secure sensitive data by making it immutable and accessible only to authorised parties. AI, for its part, can analyse this data to detect suspicious behaviour and prevent security breaches.
Challenges to overcome
Interoperability
One of the main challenges of this convergence is interoperability between the various blockchain platforms and AI systems. It is essential to develop common standards to ensure that these technologies can work together seamlessly.
Data confidentiality
Data confidentiality is also a major concern. Although blockchain can protect data integrity, it must be designed to comply with data protection regulations. AI must be used ethically to analyse data without compromising individual privacy.
Conclusion
The convergence of blockchain and AI represents a major breakthrough for many sectors. The EUBOF report highlights the immense potential of this technological merger, while also highlighting the challenges to be overcome. Working together, blockchain and AI can offer innovative solutions to improve efficiency, security and regulatory compliance.
