The European Union (EU) has taken the first major step towards regulating the use of artificial intelligence (AI) technology. On June 14th, the European Parliament approved the proposed rules for AI technology known as the EU Artificial Intelligence Act (AI Act), which is expected to become law in the coming months.
The legislation proposes hefty penalties for service providers, as high as 6% of its total annual worldwide turnover, if they fail to comply with specific restrictions, safeguards and obligations. The regulations prioritize the protection of citizens’ fundamental rights, health and safety, while still allowing for the cross-border movement of AI-based goods.
The new regulations come as the use of AI technology in various sectors such as healthcare, finance, manufacturing and retail has grown tremendously over the years. The technology has the potential to make remarkable progress in these sectors, but with it comes the concern of accountability and transparency.
Europe has taken a lead in regulating AI technology, as opposed to other parts of the world, which are still far behind. The United States, for instance, has been hesitant to legislate AI technology, which has led to various controversies on data privacy and security.
The new legislation includes a risk-based approach towards the regulation of AI technology, with varying degrees of restrictions placed on higher-risk technology. Service providers will have to comply with the AI Act before launching the products into the market.
The EU’s effort to lead in AI technology regulation will have a huge impact on the development and use of AI technology in Europe and globally. It will ensure that AI technology is used ethically, fairly and in a way that doesn’t compromise human rights.
In conclusion, the EU’s initiative strengthens the security of all citizens who use AI products. The regulations put forth by the EU will ensure that AI technology is developed and deployed in a responsible and transparent manner, which is essential for building trust in this rapidly-evolving field.
