According to the European Investment Bank, the European Union is lagging behind China and the United States when it comes to blockchain and artificial intelligence investments.
The EIB said on Tuesday that it estimated an investment shortfall of about 10 billion ($12 billion) in both technologies. China and the United States currently account for 80% of the global $ 25 billion invested in blockchain and AI, the EU is just 7% of that figure, reports Reuters
The bank said that lower investment in both sectors as compared to other sectors was an indication that the European Union has failed to translate scientific knowledge into applied business models.
“Companies and governments in Europe are investing significantly less in AI and blockchain than in other key sectors and it has become clear that the EU is looking to translate its scientific excellence into commercial application and economic success,” the report said. Is struggling for. “
The EIB said it expects to invest in both technologies to contribute to the global COVID-19 recovery in areas ranging from healthcare to financial services. The bank said additional funding from private markets would be needed if the EU intended to keep pace with global competitors.
“The European Union and Member State support schemes may fill part of the gap, but private markets will obviously need to contribute the balance,” the bank said.
Europe’s financial institutions continue to experiment with blockchain technology, even amid the lack of investment shown by the EIB. Banque de France recently used the Ethereum blockchain Run pilot test Central bank digital currency. Most of the major countries of the European Union have indicated the intention To explore the development of CBDC in the coming years.