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AIBC

EU-AI: Council of European Union to focus on AI, Digital Identity

Posted:: Jul 12, 2022 12:51 Category: AI , Europe , Regulatory , Posted by Kyle

With the field’s estimated contribution to the global economy by 2030 set to reach the combined GDP of India and China, excellence in this industry has the potential to shape not only the future economy of nations but even their geo-political standing. Due to this drive to be a part of the economy of the future via the Industrial Revolution 4.0, these burgeoning industries have drawn the attention of entire blocs with an eye to stay ahead of the times.

Czech Presidency to focus on AI and related industries

The first of July saw the Czech Republic taking over the presidency of the Council of the European Union from France with this conferring it the ability to set the EU’s political agenda for the coming six months.

Dissimilar to the French administration, which zeroed in on regulation that looked to control non-European organizations working in the EU like Big Tech firms and large-scale cryptocurrency exchanges such as Binance, the Czech Republic will be focusing on new regulation that will ensure that EU organizations approach two main policy branches; the accessibility of strategic raw materials vital for IT supply chains and comprehensive digitization and automation.

The first one can be seen manifest in the European Chips Act which will focus on enhancing capacity for semiconductor manufacture on the continent, mobilizing around $12.6 billion towards this goal with the main aim being insulating the Union from supply chain shocks coming from global disruptions.

The second initiative can be seen clearly in the Artificial Intelligence Act. While the EU is not a global leader in Artificial Intelligence, the main players in the global ecosystem being the United States and China, Europe is still in a position to contribute heavily towards the global regulatory approach towards AI.

e-European: Presidency to also target data

With the ongoing shift towards digitization only being catalysed by COVID-19, data ownership and digital identity have taken a new pertinence in modern regulation with public, private and regulatory interests all looking towards an open-data society.

The adoption of a pan-European method to establish and prove an individual’s identity, the aforementioned European Digital Wallet, has the potential to facilitate much simpler forms of onboarding for FinTech and online companies by simplifying KYC systems while also enhancing AML and CTF capabilities.

This being said, the European Digital Wallet would have to be built on the existing framework that would be a new set of rules governing how both institutions and companies worked around data. Hence, the Data Act is another legislative initiative that seeks to bridge the gap between individuals’ ownership over their own data and the ease of business and innovation that would come with enhanced accessibility of data.

The AIBC Summit: A platform for dialogue

The AIBC Summit prides itself on being a globally recognized platform for both business development and key thought leadership with the Blockchain and Deep Tech industries. The Summit has platformed both some of the leading industrial minds within the space as well some of the most well-respected regulators and legislators whose foresight has built the pediment for a global industry.

The Summit’s inaugural founding in 2018 itself saw Malta’s novel DLT regulation debuted at the conference, being the first regulation of that nature and setting a global precedent when it comes to Blockchain regulation as a whole. Throughout the years, the Summit has hosted leading regulators from Malta, Dubai, the Americas and beyond, incubating an atmosphere of debate and discussion pertaining to the future of the ecosystem as a whole. Tackling fields as nascent yet powerful as AI, Blockchain, Big Data, Quantum Computing and beyond, the AIBC Summit allows delegates to gain access to unsurpassed insights as well as an unparalleled forecast into the future of the industry.

Debuting on all four corners of the globe during a single year, the Summit is also privy to a truly international perspective on the future of the economy as a whole. With a focus on both broad, economy-wide quantum leaps, such as the future of AI regulation, to focused dives into specific topics, such as the growing power of GameFi, the Summit platforms a holistic coverage on everything that’s anything in the field of Deep Tech.

To be a part of the action. Join us in Belgrade between the 22nd and the 25th of August for our AIBC CIS/Balkans Summit.

Join us in Belgrade, Serbia from the 22-25th August:

With the peninsula being known for its natural beauty, rich cultural landscape and fantastic delicacies, the Balkans are renowned for having some of the most quintessentially Mediterranean vistas and experiences. From the Adriatic coastline of Split to the fairytale-esque castle of Lake Bled, the region has a lot to offer the world. This being said, something that fewer may know is the fact that the nations of the Balkans are incubating a nascent but powerfully growing technical expertise when it comes to frontier technology such as Blockchain, GameFi, AI and more. Therefore the region may not only be a rich adventure into the past but my also serve as a window into the very near future.

Join us in Belgrade for the best the industry has to offer and for a window into the future of Deep Tech. To learn more about sponsorship and speaking opportunities or to inquire about attending the event, please contact Sophie at [email protected]

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