eSignature Lawfulness for Applications in European Union

How to eSign a document: e-signature lawfulness for applications in European Union

the european commission has proposed a new law the artificial intelligence act to regulate the development and use of ai in europe unfortunately the current proposal looks to be very expensive if passed as is the ai act would cost the european economy 30 billion euros over the next five years a typical small or medium-sized enterprise that wants to deploy a high-risk ai system would incur compliance costs alone of up to four hundred thousand euros the average european sme has a turnover of 10 million euros and an expense like that will cause it profits to fall by 40 so this kind of burden won't exactly help europe build the next generation of tech success stories europe's economy has gotten progressively less competitive over the last 20 years we don't often enough ask why now a big part of the story is the increasing amounts of red tape that make it more expensive to set up invest in and expand businesses in europe this law will actively hinder the eu's declared goal of raising the share of european businesses that use ai from its current seven percent to 75 percent by the end of the decade as it stands the proposed law will deter messpin into european startups it will slow down the digitization of the economy with all the attendant opportunities for economic growth productivity improvements and scientific discovery that it offers and it will encourage a brain drain of european entrepreneurs to jurisdictions where they can build ai companies with fewer hurdles than they face here in europe getting ai regulation right is critical to help europe succeed building and adopting ai in a manner that is safe benefits society ai is going to transform our world in the next couple of decades it's going to unlock enormous economic value and offer tremendous potential for our scientific discovery it's really important that europe seizes this opportunity to flourish in the 21st century creates the right conditions rather than making it more difficult for european entrepreneurs who wish to take part in this coming artificial intelligence revolution