The EU AI Act is a key piece of legislation, here are 10 things to know about the development

The EU AI Act is a key piece of legislation that has the potential to significantly affect the development and usage of AI in the European Union. The Act is still in its early phases of development, having just been passed, but it is evident that it has the potential to determine the future of artificial intelligence in Europe.

1. A Global First: The European Union (EU) is setting the standard for AI regulation through the AI Act, the world's first comprehensive legislative framework for artificial intelligence. This ground-breaking law is an important component of the EU's digital agenda.

2. Risk-Based Classification: The AI Act categorizes AI systems based on the danger they bring to users. It's similar to a traffic light system for AI, with multiple degrees of control for varying levels of danger.

3. Human Oversight: The European Parliament underlines that AI technologies, not automation, should be monitored by people. This human-centered strategy is intended to avoid negative effects and ensure the safe usage of AI.

4. Banning Unacceptable Risks: The AI Act provides a clear barrier against AI systems that pose an unacceptable danger. They include voice-activated toys that encourage risky conduct in youngsters, social scoring systems, and real-time remote biometric identification systems.

5. Exceptions to the Rule: There may be certain exceptions to the restriction on 'unacceptably risky' AI systems. Remote biometric identification technologies, for example, may be used to prosecute significant crimes, but only with court consent.

6. High-Risk AI Systems: AI systems that have the potential to jeopardize safety or basic rights are deemed high risk. Examples include artificial intelligence in aviation, medical gadgets, critical infrastructure management, and legal interpretation.

7. Registration and Assessment: AI systems that pose a high danger must be registered in an EU database. They will be subjected to rigorous testing both before and after they enter the market.

8. Transparency for Generative AI: Transparency standards will apply to generative AI systems such as ChatGPT. Among these include revealing that the content was created by AI and constructing the model to prevent it from producing unlawful content.

9. Limited Risk AI Systems: Limited danger AI systems must meet minimum transparency standards. Users should be made aware when dealing with AI, particularly when AI systems create or edit pictures, audio, or video information.

10. Setting a Global Preced: The EU AI Act represents a watershed moment in AI legislation, establishing a global standard for how AI systems should be controlled and regulated. It emphasizes the significance of safety, transparency, and responsibility in the development and application of AI technology.