AI and blockchain to benefit from €30 billion EU fund

The European Commission will also spend €2.7 billion on setting up an EU Innovation Council

EU flag flying

The European Commission has announced it will spend 30 billion of its research fund to develop innovation as part of its Horizon 2020 project, including the development of blockchain and AI.

The money will be spent on developing tools to address various issues in the EU, including the digital economy, alongside migration, security, climate and clean energy. It'll put 3.3 billion aside to develop solutions for a low-carbon future, 1 billion for the circular economy that tries to keep resources in use for as long as possible before recycling them, 1.7 billion for digitising and transforming European industry and services and 1 billion to form a security union to tackle cyber threats.

A further 200 million will be spent on addressing challenges related to migration, while 2.7 billion has been earmarked to kick-start a European Innovation Council, supporting the creation of new projects focusing on high-risk, high-gain innovation technologies that will "create the markets of the future."

"Artificial intelligence, genetics, blockchain: science is at the core of today's most promising breakthrough innovations," Carlos Moedas, commissioner for research, science and innovation, said. 

Advertisement
Advertisement - Article continues below
Advertisement - Article continues below

"Europe is a world leader in science and technology and will play a major role in driving innovation. The commission is making a concerted effort including with the European Innovation Council, which takes its first steps today to give Europe's many innovators a springboard to become world leading companies."

So far, the EU has spent 77 billion to develop the region's scientific and technological innovations, although previously, it spread its budget much more thinly, across a greater number of projects.

Blockchain is proving a popular technology with vendors such as Oracle, Microsoft and IBM, which all have offerings supporting the public transaction ledger. But a Gartner survey of banking CIOs' investment priorities saw them rank blockchain as 20th on their list.

Featured Resources

Digitally perfecting the supply chain

How new technologies are being leveraged to transform the manufacturing supply chain

Download now

Three keys to maximise application migration and modernisation success

Harness the benefits that modernised applications can offer

Download now

Your enterprise cloud solutions guide

Infrastructure designed to meet your company's IT needs for next-generation cloud applications

Download now

The 3 approaches of Breach and Attack Simulation technologies

A guide to the nuances of BAS, helping you stay one step ahead of cyber criminals

Download now
Advertisement

Recommended

Visit/careers/28212/a-guide-to-cyber-security-certification-and-training
Careers & training

A guide to cyber security certification and training

13 Jan 2020
Visit/email-clients/19598/hotmail-outlookcom-upgrades-your-questions-answered
Software

Hotmail.co.uk migration to Outlook.com: Qs answered

11 Nov 2019
Visit/careers/28219/it-manager-job-description-what-does-an-it-manager-do
Careers & training

IT manager job description: What does an IT manager do?

28 Oct 2019
Visit/business-strategy/31780/the-it-pro-panel
Business strategy

The IT Pro Panel

28 Oct 2019

Most Popular

Visit/microsoft-windows/32066/what-to-do-if-youre-still-running-windows-7
Microsoft Windows

What to do if you're still running Windows 7

14 Jan 2020
Visit/operating-systems/25802/17-windows-10-problems-and-how-to-fix-them
operating systems

17 Windows 10 problems - and how to fix them

13 Jan 2020
Visit/operating-systems/microsoft-windows/354526/memes-and-viking-funerals-the-internet-reacts-to-the
Microsoft Windows

Memes and Viking funerals: The internet reacts to the death of Windows 7

14 Jan 2020
Visit/web-browser/30394/what-is-http-error-503-and-how-do-you-fix-it
web browser

What is HTTP error 503 and how do you fix it?

7 Jan 2020