European investments in artificial intelligence and blockchain technologies account for 7% of the global investment volume, the USA and China – 80%.
It is a story with a taste of déjà vu: Europe excels at research but lags behind its main competitors in terms of investment. We owe this day to the European Investment Bank (EIB), which has studied a strategic case of artificial intelligence and blockchain technologies. In a report released on Tuesday, according to the European Commission, the annual investment gap in these technologies is estimated at 10 billion euros per year. The Union accounts for only 7% of investments in this sector – or about 1.75 billion euros per year out of 25 billion. The USA and China alone account for 80% of investments. This is not the last paradox when we know that Europe’s largest pool of AI researchers – about 43,000 out of 28,000 in the United States and 18,000 in China.
To explain this lack of investment, the EIB points to weak role of large institutional investors such as pension funds and insurers financing late stage European startups in this sector.
It’s not too late
However, artificial intelligence and blockchain could revolutionize the way we work, travel and organize our societies, the study authors ask. AI has already played a key role in accelerating the development and production of Covid-19 vaccines.… Not only can blockchain transform the financial system, “but it can also help us better track and quantify greenhouse gas emissions, optimize commercial vehicles and provide real privacy.” In short, these are two sectors with high growth potential that can help “make our societies truly digital and green and ultimately make the planet livable,” the authors say.
“Real added value is always ahead of us, in industrial, corporate and public applications. This is where Europe can catch up and even become a leader. ”
But the masses are not talking to listen to the EIB. In these two sectors, “real value added is always ahead of us, in industrial, corporate and government applications,” said Teresa Cervinska, vice president of the bank. “This is where Europe can catch up and even take the lead.” The focus is not only on industry – Europeans must ensure that the development of these technologies made with respect for European values– continues the Vice President of the EIB.