EU: Access to High-Quality Data for Blockchain and AI to be increased

The European Union’s trading bloc announced on June 6, that it is increasing the amount of data that can be reused as raw materials for artificial intelligence and blockchain projects.

The relaxed rules will “boost the EU data economy, contribute to the development of a data-based society and stimulate growth”, officials hope.

Statistics, company ownership records, and meteorological information as high-value data sets will be made available free of charge. AI and blockchain projects will be allowed to use research data that is already in the public domain, and real-time weather and transport data will also be made available.

Alexandru Petrescu, Romania’s minister for communications, said, “These rules are a real enabler for artificial intelligence and will help Europe to become a world leader in this crucial area. They will bolster the EU digital industry, especially smaller companies and startups, which would not otherwise have access to all the data they need to innovate and expand.”

Member states of the EU will not have a duration of 2 years to ensure that these changes are implemented into their national laws.

The International Association of Trusted Blockchain Applications was officially launched in April by the EU where they said that the technology would be key in solving some of the biggest issues in the global economy today, those that include trust between buyers and sellers, and tracing the authenticity of goods.

 


About Bank Of Hodlers

Bank of Hodlers is building a customer-centric bank on the blockchain, by providing financial services like cryptocurrency-backed loans and cryptocurrency-backed cards.

We have recently launched our asset-backed lending product where you can earn interest on your BTC, ETH, TUSD and DAI. You also have the option to borrow DAI against Ethereum. You can sign up to the platform by clicking here: app.bankofhodlers.com/register.

 

crypto blog

Want to share your thoughts on this?

Up ↑

%d bloggers like this: