The European Union has introduced a new framework for the development and use of Artificial Intelligence (AI). The AI Act – which The European Parliament passed the AI Act on June 14, 2023., aims to ensure that AI is developed and used in a way that respects fundamental rights and freedoms, such as the right to privacy, the right to non-discrimination, and the right to safety.

The AI Act identifies three categories of AI systems:

• High-risk AI systems: These systems are considered to pose a high risk to fundamental rights and freedoms. High-risk AI systems will be subject to strict requirements, such as mandatory ex-ante conformity assessments, transparency obligations, and user control mechanisms.
• Moderate-risk AI systems: These systems are considered to pose a moderate risk to fundamental rights and freedoms. Moderate-risk AI systems will be subject to a lighter set of requirements than high-risk AI systems, such as risk management measures and transparency obligations.
• Low-risk AI systems: These systems are considered to pose a low risk to fundamental rights and freedoms. Low-risk AI systems will not be subject to any specific requirements under the Act.

The AI Act also establishes a new European Artificial Intelligence Board (EAAB) to oversee the implementation of the Act. The EAAB will be composed of representatives from the European Commission, national authorities, and stakeholders.

The AI Act is a significant piece of legislation that will have a major impact on the development and use of AI in the European Union. The Act is still under negotiation, but it is expected to be finalized in 2023.

Here are some of the key benefits of the EU AI Act:

• Ensure that AI is developed and used in a way that respects fundamental rights and freedoms. The EU high-risk AI regulation will ban AI systems that are considered to pose an unacceptable risk to fundamental rights and freedoms. This includes AI systems that are used for social scoring, mass surveillance, or biometric identification without consent. The regulation will also require AI systems that are considered to pose a high risk to fundamental rights and freedoms to comply with a number of safeguards. These safeguards will help to ensure that AI systems are developed and used in a way that respects the fundamental rights and freedoms of individuals.
• Create a level playing field for businesses that develop and use AI in the European Union. This is because the regulation will apply to all AI systems that are considered to pose a high risk, regardless of where the developer or user is located. This will help to prevent businesses from moving their operations to countries with less stringent AI regulations in order to avoid compliance costs. The regulation will also require businesses to comply with a number of technical standards, which will help to ensure that AI systems are interoperable and that data can be shared more easily between different systems. This will make it easier for businesses to develop and use AI solutions, and it will also help to boost innovation in the field of AI.
• Help to boost innovation in the field of AI. The AI Act regulations are designed to boost innovation in the field of AI by providing a clear framework for the development and use of AI systems. The regulation will also create a level playing field for businesses, which will make it easier for them to invest in AI research and development.

Here are some of the potential challenges of the EU AI Act:

• It could be difficult to implement and enforce.
• It could stifle innovation in the field of AI.
• It could lead to the fragmentation of the AI market in the European Union.

Overall, the EU AI Act is a positive step towards ensuring that AI is developed and used in a responsible and ethical way. However, it is important to be aware of the potential challenges of the Act and to work to mitigate them.

To learn more about the EU AI Act, please visit the following link: https://artificialintelligenceact.eu/