EU to Relax Limitations In Accessing High-Quality Data for Blockchain, AI Ventures
The European Union has relaxed the quantum of data that can be processed in blockchain related projects and through artificial intelligence. The information was revealed by the trading bloc through an official news release.
Officials anticipate that the slackened regulations will “boost the EU data economy, contribute to the development of a data-based society and stimulate growth.”
The announcement further states that datasets of high-value will be offered for free of charge, including statistics, meteorological information and company ownership records.
The permission is also given for using research data that is readily available in public domain in products that incorporate artificial intelligence and blockchain. That is in addition to the real-time weather and transport data that is being offered.
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.”
The EU member states are given two years to implement these changes in their country’s laws. In April, the EU officially unveiled the International Association of Trusted Blockchain Applications, and stated the technology would turn vital in resolving some of the complex issues in world economy, including trust between buyers and sellers, and monitoring the genuineness of products.