The European Investment Bank has warned that the EU is not investing enough in blockchain — the technology that underpins cryptocurrencies — and artificial intelligence.
In a report released Tuesday, the EIB wrote that the EU is falling behind both China and the US in these two areas, with the funding gap estimated at between €5 billion and €10 billion annually. This is problematic because, as the bank argues, AI and blockchain are two of the most significant disruptive technologies of our time, and they will have a major impact on the future economy.
At present, the US and China account for more than 80 per cent of annual equity investments in AI and blockchain, compared to the EU’s 7 per cent. The EIB wrote that there are no fundamental structural differences between the EU economy and other major economic systems that could lower business demand to deploy these technologies.
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