Technology is powerful. It has made the lives of millions easier and it has killed thousands in mere moments. Its latest frontier, Artificial Intelligence (AI), wields even more power which governments and capitalists are grappling to harness.

While governments are expected to maintain some form of oversight mechanisms, the sole aim of capitalists is profit. Left unregulated in the hands of the latter, technology can erode our planet's ability to sustain itself.

The age of machines, where algorithms powered by AI are defining people's thoughts, emotions and physical-world reactions, is struggling with teaching computers what is good and what is not. Algorithms, programmed essentially to bring back money for their masters, are blurring the limits of morality and ethics.

This is exactly why regulation of AI is the need of the hour. We are entrusting computers with disease diagnoses, financial processing, and road safety. The risks, therefore, are concurrently rising.

Risks will also rise if innovation impedes because of an unbalanced approach toward supervision and scientific development. U.S.-based McKinsey Global Institute estimates that AI could add 13 trillion U.S. dollars to global output by the end of this decade. Of course, nobody wants to hamper this growth but most governments' "wait and see" attitude is not going to help either.

Last month, the European Union published a white paper as a prequel to legislation on the governance of AI. It is part of Europe's efforts to chart a strategy for the continent's digital future. The objective is to build a framework that is trusted by citizens and firms for assuring cybersecurity and consumer protection. The laws, when promulgated, are likely apply to entities which sell to EU customers, process their data or have European employees.

The implications of EU getting serious on regulation are mainly for the Big Tech – a group of companies that have overarching influence on global internet usage. Big Tech is banking heavily on AI to customize its services after hoarding and exploiting huge amounts of data. The existing devices of placing fines on these companies for breaches have proved futile since monetary penalties are peanuts against their massive profits.

The impending regulations by EU will also mark a shift from the American view of technology. The purely capitalist mindset of the U.S. government has allowed Silicon Valley to expand unchallenged. Ever since the tech sector morphed into an information behemoth, problems have gone out of hand. The rampant mendacity on the unchecked social media is a major reason for the growing intolerance among its users.

Even to this day, the U.S. has not made regulation of AI a priority. In January, the White House eagerly earmarked over a billion U.S. dollars for research in the field but the AI management principles it released coincidentally were only broadly defined. The three main goals of these principles – to ensure public engagement, limit regulatory overreach and engender trust in the technology – are encouraging but their transformation into laws may not keep pace with AI's evolution and adoption.

China, meanwhile, is aiming to become the leader in AI by 2030 and grow the domestic AI industry to an equivalent of almost 150 billion U.S. dollars under its "Next Generation Artificial Intelligence Development Plan." The target of catching up with the U.S. on AI technology and applications is set to be achieved for this year.

At the same time, the Chinese government has been working on legislation. It issued its own set of AI principles last June through the Ministry of Science and Technology. A professional committee of technology and public policy experts had been formed to study AI's effects on laws and society. It came up with eight principles stressing to look for the long-term in the technology's development while building upon privacy protection, security, and reliability.

Like any other piece of technology, AI, too, is double-edged. Used responsibly, it can create wonders. And if adopted without any regulatory structure, it can inflate problems that are presently in nascent stages but have the potential of blowing up into an uncontrollable monstrosity. Here's to hoping that the resolve shown by various countries evolves into reasonable, balanced and implementable laws.