The European Union has boldly moved to craft regulations that shape the future of smart tech. 

They have a new law called the AI Act that will help control how AI is used in all the countries in the EU. Every country agreed on the final version, meaning they all think it’s a good idea for the future.

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• The EU has agreed on new rules called the AI Act to make sure innovative technology is safe and fair.
•  Under the AI Act, there’ll be a clampdown on high-risk tech to shield us from unfair and harmful decision-making by intelligent systems.
•  The next step is for the EU Parliament to agree, which is likely, and then these rules will start to make a difference worldwide.

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Critical Aspects of the AI Act:

EU Adopts Pioneering Framework to Regulate Artificial Intelligence

• Risk-Based Classification: AI applications are categorized by the level of risk they pose, with specific prohibitions on high-risk uses.
• Prohibited Practices: The legislation bans certain AI practices, like those social scoring schemes that carry too much risk.
• Governance of High-Risk AI: Applications that could affect health, safety, and fundamental rights will face governance rules.
• Transparency Measures: Apps like AI chatbots will require transparency, though low-risk AI is excluded from the scope of the law.
• Path to Law: Following the Coreper vote, the European Parliament will cast the final vote, a formality.
• Implementation Timeline: The AI Act will be effective 20 days post-publication, with a staggered application of the rules.

Supporters of the AI Act in Brussels have expressed relief after the Coreper vote, especially given previous opposition from nations such as France, who are concerned about the potential impact on AI startups. With the vote’s nod, those earlier hiccups are sorted out, paving the way for smooth sailing of this AI law.

The law’s implementation will see a transition period, during which certain AI practices will likely become prohibited, by the upcoming fall. More comprehensive regulations, especially those focusing on foundational AI models, are slated to be applied in 2025. Most of the AI Act’s provisions will be in force two years after the law is published.

The EU is creating a team to watch over smart tech so it’s used correctly. They ensure the smart tech we depend on is safe and won’t backfire on us. Europe’s boosting their supercomputer game, pushing tech boundaries even further.

This means brighter and cooler tech can be made right here in Europe.

With the EU setting the pace, we’re seeing smart tech that’s reliably safe and true to our values take center stage. We’re waiting for the EU Parliament’s nod to set this AI Act as a global benchmark.