EU AI Act: Is Europe Ready for the Third Industrial Revolution?
The European Union is working on legislation to regulate artificial intelligence, and the outlines for the AI law are now known. But how is the AI Act being received? Is it possible that safe AI products also bring economic prosperity?
Industrial Revolution Without Europe?
Joe Lonsdale, an outspoken advocate of the technology, told Bloomberg that the EU “prevents the industrial revolution from happening” and presents itself as “not part of the world of the future.” He believes that the technology has the potential to cause a third industrial revolution and every company should already have it in their organization.
Lonsdale is a venture capitalist and co-founder of several technology companies, including companies that use artificial intelligence. He obtained a bachelor’s degree in computer science in 2003.
Are the Concerns Well-Founded?
Sam Altman, better known figure in the IT world as CEO of OpenAI, previously spoke out about a possible disappearance of AI companies from Europe if the rules become too difficult to follow. He himself does not intend to remove ChatGPT from Europe because of the AI law, but he warns here about the possible actions of other companies.
Altman is a strong supporter of AI safety legislation. He argues for clear security requirements that AI developers must meet before the official release of a new product.
The EU is a Pioneer
The European Union is trying to be the first in the world to set out a set of rules for artificial intelligence with the AI Act. Until the official entry into force in 2025, the rules are actually constantly tested by experts who publicly give their opinion on the law.
The EU is also doing something about not coming up with rules from higher up for a field that it actually doesn’t know much about. The legislation will come about bottom-up through involvement of companies and developers who are already actively working with AI in setting the standards.
Although the EU often proclaims that the AI law will be the first regulation of artificial intelligence in the world, a legal framework is being established. It remains to be seen whether the AI Act will be beneficial for the European economy or not.