While the Biden administration and China continue to ponder the future of artificial intelligence (AI) regulation, European lawmakers are pushing forward to finalize the Western world’s first set of AI rules.
Two years ago, the 27 nations that make up the European Union proposed a detailed set of AI rules. While it may have been ahead of its time then, that no longer holds true today. AI technology is advancing by the day, and new regulations are needed.
The European Union's AI Act
The European Union's AI Act has the potential to emerge as the worldwide benchmark for artificial intelligence as individuals and companies — and even other countries — come to realize that adopting its regulations could be easier than developing from the ground up.
This move comes at a time when governments around the world are scrambling to answer questions and address concerns regarding the rapid growth of AI and its potential to cause more harm than good.
The European Union's comprehensive rules, which encompass all AI service and product providers, are expected to receive approval from a European Parliament committee on Thursday. Following that, discussions will commence among the 27 member nations, the Parliament and the EU Commission.
The AI regulations aim to safeguard individual rights, maintain transparency and ensure accountability as AI technology becomes increasingly integrated into daily life. With the EU’s focus on responsible AI use, the legislation will address key ethical issues, such as bias, discrimination and privacy breaches, that have raised concerns among the public.
A notable aspect of the AI Act is its risk-based approach, categorizing AI applications into three levels: unacceptable risk, high risk and low risk. Unacceptable risk applications, which could pose significant harm to user safety or fundamental rights, would be banned outright. High-risk AI systems, which might have substantial societal implications, will be subject to rigorous assessments, transparency requirements and continuous monitoring. Conversely, low-risk AI technologies will be subject to lighter regulatory measures.
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The proposed legislation also includes provisions to encourage innovation, offering support to small and medium-sized enterprises (SMEs) and startups. This will enable a more level playing field for these organizations to compete with larger industry players and foster a thriving AI ecosystem in Europe.
As the EU moves closer to solidifying its AI regulations, it sets a precedent for other countries to follow suit. The success of the AI Act in balancing innovation with ethical considerations may prompt the United States and China to accelerate their own regulatory efforts, ultimately leading to a more coordinated global approach to AI governance.
AI Companies Are On The Rise
While ChatGPT and LLM companies have largely taken centerstage recently, AI is making it's way into dozens of other industries. For example, AvaWatz is developing AI software that allows drones and robots to work as a team to accomplish tasks.
And data compaction startup AtomBeam uses AI to compact data by up to 75% significantly increases bandwidth in any device or data transmission. AtomBeam recently launched on StartEngine, which means anyone can invest for a limited time.
Meaning while LLM-based artificial intelligence is becoming a large part of the focal point of AI, the applications are growing incredibly fast, and AI is quickly becoming a part of our everyday lives.
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