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Abstract
Artificial Intelligence (AI) is on everyone's lips because it's the technology that will shape the future of mankind for better or for worse. It is considered to be the newest technology that Computer Sciences offered humanity, but only the connoisseurs know that AI is not as new as it seems and that it has been used for more than 50 years in research and in governmental institutions. Because developers are making Artificial Intelligence grow stronger and stronger every day it became necessary to regulate it. The European Union was the first big power that took the bull from the horns and elaborated an act - The EU AI Act - that is trying to regulate AI technology. Regulating a domain that is in continuous change and evolution is a very hard thing to do, these rules must be adaptable along the way and changeable when needed.
Keywords: EU, AI, Act, Artificial Intelligence, European Union, Regulation
JEL Classification: K33
1. Introduction
Artificial Intelligence is considered to be a very important technology that has an enormous potential in changing the life of all the living creatures on this planet and on other planets if humans start to colonize the space. Its importance comes from the fact that it can be used to solve a very wide variety of problems.
We are using Artificial Intelligence every day and some of us don't even know it. From search engines to language translation software, from Internet of Things to online advertising and even cybersecurity, from self-driving vehicles to flying drones and to the manufacturing robots from the smart factories all this state-of-the-art technology uses AI to operate.
Artificial Intelligence can revolutionize the following domains: healthcare, automobile industry, public transport systems, green and circular economy, machinery, farming, fashion, tourism, sales, production and services, energy, smart homes.
The most important thing is that Artificial Intelligence can and must be used in doing labours that are very hard or even impossible to be realised by human beings: mining, working in toxic environments, extinguishing fires, searching and rescue missions, exploring the space, exploring the oceans and other locations where is a harsh climate.
Al's results are influenced by the way the programmer designed it and what data he used as input. For...