Isaac Asimov, known as the godfather of science fiction, may have imagined a scenario like our present reality about eighty years ago. Asimov conceived the ‘Three Laws of Robotics,’ which stipulated primarily that a robot should never cause harm to a human. Today, as artificial intelligence (AI) technology develops at a rapid pace and gets more entrenched in our economy and society, Asimov’s laws seem more pertinent than ever. There is a growing sentiment respecting the application of similar principles and guidelines to the increasing use of AI.
Despite the urgency, there is a dearth of established regulatory frameworks dedicated to AI across the globe. Furthermore, the few countries that are making strides toward framing AI regulations have different views and approaches. The challenge lies in regulating AI, which already impacts various aspects of daily life, from self-driving cars and expedited drug discovery to document automation in the legal sector. Therefore, regulators now face the daunting task of maximizing the advantages of AI while ensuring consumer protection.
As per the EU AI Act, it serves as a reasonable start but falls short of being the gold standard when it comes to AI regulations. There are concerns about the EU’s extremely prescriptive legislative framework. For further reading, consider The Future of AI Regulation: How Can We Get it Right?