The European Union (EU) has now put forth its “Proposal for a Regulation on a European approach for Artificial Intelligence,” intending to create “the first-ever legal framework on AI, which addresses the risks of AI and positions Europe to play a leading role globally.”
The proposal says: “The same elements and techniques that power the socio-economic benefits of AI can also bring about new risks or negative consequences for individuals or the society. In light of the speed of technological change and possible challenges, the EU is committed to strive for a balanced approach […] Rules for AI available in the Union market or otherwise affecting people in the Union should therefore be human-centric, so that people can trust that the technology is used in a way that is safe and compliant with the law, including the respect of fundamental rights.”
The emphasis and development of artificial intelligence (AI) are swiftly growing, with innovators worldwide trying to create more viable use-cases for this groundbreaking technology. AI’s market reach has penetrated nearly every large industry, including manufacturing, retail, infrastructure, financial services, defence, and healthcare, among countless other sectors.
As Artificial Intelligence enabled technologies continue evolving in the coming months and years, legal scholars, regulatory authorities, scientists, and AI innovators will have to scrupulously navigate what exactly the real-world effects of this new proposal will entail.