European Union: EU Artificial Intelligence Act (AI Act) – An Overview

AI thrives on the processing of large volumes of data to be able to deliver focused and targeted solutions. Last year in April, the European Commission (EC) unveiled a legal framework for AI, the Artificial Intelligence Act (AI Act), the first of its kind. The AI Act aims to implement an ecosystem of trust by proposing a legal framework within which people use AI-based solutions while encouraging businesses to develop them. When it comes to technology, Europe has made no secret of its desire to export its values across the world, at least at a principle level. Similar to the General Data Protection Regulation (GDPR), which has become the conventional norm, the AI Act could also become a global precedent, determining to what extent AI may seep into our general day-to-day functioning, or whether it will be limited to automated use by larger entities only.