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We are living in the era of Artificial Intelligence (AI) and Machine Learning (ML). And while we are regulated in many different industries, like food, medicine and cars, AI is still relatively new and has yet to see clear regulations or laws to guide its design.

Without standard guidelines, companies that design and develop ML models have historically worked off of their own perceptions of right and wrong. This is about to change, however, as the European Union (EU) is in the process of finalizing an AI Act, which is expected to be implemented by 2023.

The AI Act is an exciting move for the AI industry, and will provide a much needed system of regulation for AI and ML in the EU. This could mean potential changes for companies that operate and develop AI systems within the EU, including how certain aspects, like the sale and deployment of AI systems, are carried out.

The AI Act is also a wakeup call for many US companies and organizations that have been uncertain regarding regulatory standards in the AI industry. As the EU continues to finalize the AI Act, businesses across the US should also start thinking about policy development to ensure that the US stays competitive with other nations in the world of AI.

Overall, the AI Act is an important step forward for the AI industry, as it offers a greater understanding of the legal framework and regulations that AI companies must comply with. This will provide greater protection of consumer data, as well as ensure safety of the AI systems being developed. As the AI Act continues to move forward, it is important for businesses of all sizes across the globe to be aware and actively participate in the process to ensure smooth transition for the AI industry worldwide.