There has been a strong stand from Europe in the regulation of artificial intelligence (AI) and it has put in place extensive laws to ensure responsible growth and use of technology. Although these rules are intend to mitigate risks associated with artificial intelligence, prince constantine The Netherlands says this approach could be a reason why the region is lagging behind United States and China in terms of advancement of artificial intelligence.
“Basically we gonna be good regulators” added Constantijn recently, while he was interviewed by CNBC at Money 20/20 fintech conference held in Amsterdam.
“We see this in the data space (GDPR), now in the platform space, now in the artificial intelligence space,” said Constantine whose age is thirty-one being the third and youngest child of former queen Beatrix of Netherlands.
European Union (EU) regulators take a tough line on artificial intelligence because they are concerned about bias, discrimination as well as privacy fears.
Europe is more interested in regulating artificial intelligence
However, Prince Constantine expressed concern that Europe focusing too much on regulating AI rather than being a leader in innovation.
“It’s always good to have guardrails. We need to have clear rules for the market, predictable rules etcetera. But it’s so hard when you’re looking at such a rapidly changing landscape,” he mentioned.
Constantine added that mistakes entail huge risks similar to what happened with GM foods but it does not prevent development; it just prevents development within Europe where we are now consumers rather than influential market developers,” he noted.
In fact, according to Constantine “Very difficult” due to “big limitations on data”, there isn’t much AI innovation happening now within Europe.”
He pointed out U.S.A as “a large single market” with liberalized flows of capital saying ‘This is one area where we look pretty bad,’.’
“I think where we score high is talent. We score high on technology itself,” he said
Moreover, as far as developing applications utilizing Artificial Intelligence, “Europe will definitely be competitive”, mentioned Constantine.
