What Does the EU AI Act Mean for Artificial Intelligence (AI) Regulation?

Emerging AI technologies and the potentially existential threats they pose to human society are a hot topic at the moment. These technologies have the potential to improve many aspects of human society, but the existential risks they pose have been well-publicized.

 

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Seeking to get ahead of the curve, so to speak, on AI, the European Commission has proposed the EU AI Act, the first comprehensive law in the world related to AI and how to regulate it. This article will explore what the EU AI Act is, its provisions and objectives, and the impact it will have on both the nascent AI industry and wider society.

Introduction to the EU AI Act

AI is a tool that has undoubtedly and profoundly revolutionized several industries. It can provide benefits such as reducing operational costs, improving decision-making, quickly analyzing big data sets, automating repetitive tasks, and technologies such as machine learning can produce more efficient, almost human-like tools.

However, AI is not without its potential drawbacks. Generative AI has the potential to be highly disruptive to the creative industries; deepfakes of political figures and celebrities could spread misinformation on a grand scale, and there is even a well-founded fear that sophisticated AI tools could be used in cybercrime, bypassing security and compromising systems.

Recognizing existential threats such as these and other emerging issues with AI, the EU AI Act was proposed on 21 April 2021 by the European Commission. The Act aims to introduce a comprehensive legal and regulatory framework that encompasses all AI technologies across a broad range of sectors. It is hoped that this will protect citizens in the EU from any emerging AI-related threats.

Key Provisions and Objectives of the Act

The key objectives of the AI Act are to ensure that all AI technologies and systems used in the European Union are safe, non-discriminatory, traceable, transparent, and environmentally friendly.[…]

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