The EU Artificial Intelligence Act: AI In The Balance – Analysis
There has been a rising alarm regarding the scale at which Artificial Intelligence (AI) technology now permeates every aspect of modern life. Critical sectors like military, healthcare and finance, which once relied on human judgement, are now increasingly relying on AI systems for decision-making. As these systems grow more autonomous, there are growing litany of concerns regarding accountability, transparency and fairness of their decisions. The unpredictable nature of AI systems has flagged probable issues such as reinforced biases, ‘black boxed’ decisions, algorithmic dehumanisation and infringement of privacy, among others, which has pushed regulation of AI from consideration to necessity.
In cognizance of this, many nations have attempted to create a code of conduct with respect to AI. The May 2024 Artificial Intelligence Act (henceforth ‘AI Act’) by the European Union (EU) is, therefore, an important milestone in the context of AI regulatory landscape. The recently enforced act is the first law of its kind, with legally binding provisions to ensure ethical and legal usage of AI products that are marketed and/or utilised within EU, irrespective of whether the provider or user is physically based in the EU. The law sets a new regulation standard on the global stage, to provide a balancing act between innovation, governance and fundamental rights.