The European Investment Bank and the European Commission, provided a report that “shows that Europe needs to address an investment gap of up to €10 billion that is holding back development and deployment of artificial intelligence and blockchain technologies in the EU. It puts forward recommendations how the EU can unleash its full potential in these technologies and reap their benefits for a truly digital and green transformation.”  The June 1, 2021 report entitled “Artificial intelligence, blockchain and the future of Europe” included this Executive Summary:

Artificial intelligence (AI) and blockchain are two of the most significant disruptive technologies of our time, set to have a major impact on future societies and economies.

As transversal technologies, AI and blockchain can potentially disrupt a wide range of sectors and will likely play central roles in the success of Europe’s green and digital transitions, and in strengthening its technological sovereignty.

Regions lagging behind in the AI race will probably see diminished global market shares in several industries, from finance and e-commerce to manufacturing and mining.

Investments in AI research and development (R&D) are also crucial for security and defence, so underinvestment could undermine Europe’s national security.

AI is expected to have a significant impact on progress towards achieving the Sustainable Development Goals (SDGs), especially on the climate 4 but also on diversity and inclusion, and notably “gender smart” technological development.

Both AI and blockchain have their own degree of complexity, but their development can be mutually reinforcing, for example on the integration of machine learning (ML).

Very interesting report!

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