Prince Constantine: Europe risks falling behind the US and China in artificial intelligence | Wilnesh News

AMSTERDAM – Prince Constantine of the Netherlands says Europe risks falling behind the United States and China in artificial intelligence as it focuses on regulating the technology.

“Our goal seems to be limited to being good regulators,” Constantijn told CNBC on the sidelines of the Money 20/20 fintech conference in Amsterdam earlier this month.

Prince Constantine is the third and youngest son of former Queen Beatrix of the Netherlands and the younger brother of the current King of the Netherlands, Willem-Alexander.

He is a special envoy of Techleap, a Dutch startup accelerator, committed to helping local startups develop rapidly internationally by improving their access to capital, markets, talent and technology.

Constantijn added: “We saw this in the data space (with GDPR) and now in the platform space and also in the artificial intelligence space.”

EU regulators have taken a tough stance on artificial intelligence, with formal regulations limiting how developers and companies can apply the technology in certain scenarios.

Last month, the EU gave final approval to the EU Artificial Intelligence Act, a groundbreaking AI law.

Officials worry about how quickly the technology is developing and the risks it poses such as job losses, privacy and algorithmic bias.

The law takes a risk-based approach to artificial intelligence, meaning that different applications of the technology are treated differently based on their level of risk.

For generative AI applications, the EU Artificial Intelligence Act sets out clear transparency requirements and copyright rules.

All generative AI systems must be able to prevent illegal output, reveal whether content was generated by AI, and publish excerpts of copyrighted material for training purposes.

But the EU’s Artificial Intelligence Bill requires stricter scrutiny of high-impact general-purpose AI models that may pose “systemic risks,” such as OpenAI’s GPT-4, including thorough assessment and mandatory reporting of any “serious incidents.” .

Prince Constantine said he had “real concerns” that Europe was focusing more on regulating artificial intelligence rather than trying to become a leader in innovation in the field.

“It’s good to have guardrails. We want to make the market clear, predictable and so on,” he told CNBC on the sidelines of Money 20/20 earlier this month. “But it’s very difficult to do that in such a rapidly changing space.”

“Making mistakes carries great risks, as we have seen with genetically modified organisms, which does not stop development. It just prevents development in Europe and now we are consumers of the product rather than able to produce it. Producer of this product.

Between 1994 and 2004, the EU effectively suspended new approvals of genetically modified crops due to perceived health risks.

The group subsequently instituted strict rules for genetically modified organisms, citing the need to protect citizens’ health and the environment. National Academy of Sciences explain Genetically modified crops are safe for human consumption and the environment.

Constantine added that European innovation in artificial intelligence has become “quite difficult” due to “huge limitations in data,” especially in areas such as health and medicine.

In addition, Constantine said that the U.S. market is “a larger and more unified market” with freer capital flows. In these areas, he added, “Europe scores quite poorly.”

“I think where we score high is the talent,” he said. “We scored very high on the technology itself.”

Furthermore, when it comes to developing applications that use artificial intelligence, “Europe will definitely be competitive,” Constantine noted. However, he added, “We will continue to rely on large platforms to provide the underlying data infrastructure and IT infrastructure.”