The Cyprus-based enterprise solution arm of global blockchain devices developer, Pundi X 365 (writers), has recently joined the European AI Alliance – a multi-stakeholder forum where members can engage in an insightful discussion on all aspects of artificial intelligence (AI) development and the implications this has for society and the economy.
As a member, Pundi X 365’s insights will be sought on matters such as ethical guidelines for the deployment and usage of AI in the European Union, as well as possible policy recommendations on AI-related challenges and opportunities.
The alliance will be overseen by the High-Level Expert Group on AI, a panel of 52 experts specifically chosen by a commission for the task.
“This is exciting because it’s a chance for our company to help directly shape the future of AI in such an important region,” shared Joseph Borghese, Executive Chairman of Pundi X 365.
“The European Union is without a doubt a leading voice when it comes to incorporating tech into governance, as evidenced by recent initiatives like the European Blockchain Services Infrastructure (EBSI). It’s clear then that they recognize the role technology is set to play in shaping society, and this just makes them all the more exciting to work with.”
Pundi X 365’s inclusion in the organization comes in line with the company’s expertise on the matters of blockchain for enterprises as the company provides blockchain-backed customized solutions for a number of industries ranging from healthcare and insurance to shipping even down to retail.
These solutions mainly give organizations a more efficient, secure way of storing data. In healthcare, for example, the opportunity to work with blockchain grants doctors the ability to access patient records anywhere with patient’s consent, while the use of decentralized ledgers ensures that cybercriminals will have a much harder time tampering with said data.
“The way we see it, blockchain and AI go perfectly hand in hand,” explains Borghese. “This is because AI is the perfect tool for collecting and analyzing gargantuan reams of data, while blockchain is the best way to make sure this doesn’t fall into the wrong hands.”
Borghese refers to the fact that there are already a number of real-world use cases where AI is leveraged for analytics. For example, artificial intelligence has been used by certain search engines in delivering better responses to search queries.
Pundi X 365’s admission into the European AI Alliance adds to the growing partnerships that the startup has in the region. Earlier this year, Pundi X 365 entered into a partnership with the European University Cyprus to aid in the acceleration of blockchain adoption in both the academe and business sectors.
“Overall, what we’re about to do with the European AI Alliance just brings us one step closer to our goal of creating a better world supported by blockchain,” concluded Borghese.