On Friday, the European Union (EU) approved noteworthy AI regulations, which will probably be the first significant laws governing the rapidly developing technology in the West.
Generative AI, the technology behind ChatGPT, has been a mainstream topic since its public release late last year. It has sparked criticism due to concerns over the potential to displace jobs, generate discriminative language, and infringe privacy.
Key EU institutions worked through proposals all week in an attempt to get to a settlement. The main points were the usage of biometric identity technologies, such as fingerprint scanning and facial recognition, and the regulation of generative AI models, which are used to generate tools like ChatGPT.
Germany, France, and Italy are in support of the corporations behind generative AI models, or “foundation models,” engaging in self-regulation through government-imposed codes of behavior, as opposed to directly regulating these models.
AI researchers and regulators were caught off guard by ChatGPT and other generative AI tools like Stable Diffusion, Google’s Bard, and Anthropic’s Claude, which were able to produce complex and human-like output from straightforward queries utilizing enormous amounts of data. They have drawn criticism because they may lead to employment displacement, the creation of discriminatory language, and privacy violations.
This act will start its effects on the tech industry as companies will be fined or get penalties if they don’t follow the new regulations. These regulations may also affect the development of AI systems as companies will have to spend more on R&D to make sure the new systems built don’t break any of the regulations. However, this act may also impact other sectors. The finance, healthcare, and education industries are using more AI day by day.
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