Balancing AI Regulation and Innovation: The Urgent Need for a Voluntary Code of Conduct

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A recent joint meeting of the EU-U.S Trade and Technology Council in Sweden highlighted the urgency to adopt a voluntary code of conduct for the development and implementation of artificial intelligence (AI) within the industry. The EU tech chief, Margrethe Vestager, emphasized that the forthcoming EU AI Act, which will establish comprehensive AI regulations, is still years away from being in effect, and this delay highlights the need to act now.

The adoption of a voluntary code of conduct would help create safeguards while new laws are still under development. Vestager believes that if the EU and U.S. take the lead, they can formulate a code of conduct that would make people “more comfortable” with the trajectory of AI development. She insists that the focus should be on agreeing on specific details rather than sweeping general statements.

Although the EU’s AI Act is still undergoing finalization by members of the European Parliament, the most recent draft of the legislation includes a ban on the public use of biometric surveillance and predictive policing tools. In addition to this, AI tools would need to be classified according to their perceived risk level, ranging from low to unacceptable.

The push for a voluntary AI code of conduct comes at a time when the industry faces potential over-regulation concerns. On May 25, Sam Altman, the CEO of OpenAI, the company responsible for the AI chatbot ChatGPT, addressed EU lawmakers on this issue. Over-regulation of the AI industry may hinder innovation and limit the potential benefits that AI technology can bring to various sectors.

In summary, the main conflict lies in the balance between regulating AI technology for ethical and safety reasons and not stifering innovation and progress in the industry. A voluntary code of conduct for AI development and implementation could serve as a middle ground, providing safeguards for the industry while the comprehensive AI Act is still in the works.

Source: Cointelegraph

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