Euro investment Lender predicts shortfall in blockchain and Technology investment

The EU is countless dollars supporting China and the U.S. when it comes to investment in blockchain and artificial intelligence, said the EIB.
The EIB said on Tuesday that it anticipates an ongoing investment shortfall of around 10 billion euros ($12 billion) across both technology. China and the U.S. currently account for 80 percent of the global $25 billion invested in blockchain and AI, together with the EU making up just 7% of the figure, reported¬†Reuters.The bank said the underinvestment in both industries compared to other regions was a indication that the EU has failed to translate scientific understanding into applicable business models. “Businesses and governments in Europe are substantially underinvesting in AI and blockchain compared to other leading regions and it has become evident that the European Union struggles to translate its own scientific excellence into company application and financial success,” the accounts stated.The EIB said it expected investments in both technology to donate to the global COVID-19 recovery across industries which range from health care to financial services. The lender said additional funds from private markets will be required if the EU intended to maintain pace with global competitors. “EU and member state service schemes can plug a portion of the gap, but private markets will certainly need to give the balance,” stated the lender. Despite the investment shortfall represented from the EIB, fiscal institutions in Europe are still experimentation using blockchain technology. The Banque de France lately used the Ethereum blockchain to run pilot checks to get a central bank digital money. Most major countries in the EU have signaled their intention to explore the development of CBDCs in the coming years.

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