After three years of deliberation, the European AI Act was finally approved by the European Parliament in March 2024, marking a significant milestone in the regulation of artificial intelligence, within the EU. The need for comprehensive regulation was urgent, as AI continues to transform societies.
In a nutshell, the European AI Act aims to create a legal framework that categorizes and regulates AI technologies based on their potential risks: unacceptable, high-risk, limited risk, and minimal risk.
The new AI Act addresses key issues such as bias, transparency, and accountability in AI systems, ensuring that AI systems are developed and used in ways that are safe, ethical, and aligned with European values, while also considering the impact of each application.
In my opinion, the creation of regulation only puts AI in a fair level, where the size of companies do not determine their ability to innovate. Also, it avoids a fragmented AI market across Europe. However, there is also the risk that it could overwhelm startups and smaller companies, potentially stifling the entrepreneurial spirit that drives much of AI’s progress.
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Still, what concerns me the most it the pace at which the Act was developed. The three-year legislative process reflects the difficulty of regulating a rapidly evolving technology like AI. It is understandable that the members of the European commission are not AI-based, and they need to consult experts on the field, but the delay in regulation can hinder innovation by making it difficult for new technologies to gain legal approval.
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All in all, I recognize the AI Act as a significant step forward by enforcing stringent standards on high-risk AI applications, to prevent harmful outcomes, like violations of fundamental rights. However, the success of the Act will depend on its ability to evolve with the rapidly changing landscape of AI, ensuring that regulations remain relevant and effective!
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