Euro investment bank predicts shortfall in blockchain and tech investment

Euro investment bank predicts shortfall in blockchain and tech investment


The European Union is falling behind China and the United States when it comes to blockchain and artificial intelligence investments, according to the European Investment Bank.

The EIB said on Tuesday that it anticipates an ongoing investment shortfall of around 10 billion euros ($12 billion) across both technologies. China and the U.S. currently account for 80% of the global $25 billion invested in blockchain and AI, with the EU making up just 7% of that figure, reported Reuters.

The bank said the underinvestment in both sectors compared to other regions was a sign that the EU has failed to translate scientific knowledge into applicable business models.

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“Companies and governments in Europe are substantially underinvesting in AI and blockchain compared to other leading regions and it has become clear that the European Union struggles to translate its scientific excellence into business application and economic success,” the report stated.

The EIB said it expected investments in both technologies to contribute to the global COVID-19 recovery

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