BSV
$71.59
Vol 68.67m
-8.77%
BTC
$96715
Vol 117789.87m
-3.28%
BCH
$587.16
Vol 977.13m
-4.66%
LTC
$117.52
Vol 1425.3m
-11.83%
DOGE
$0.42
Vol 9616.43m
-8.99%
Getting your Trinity Audio player ready...

As countries brace themselves for a greater artificial intelligence (AI) adoption, South Korea is positioning itself as an industry leader with a major investment in the ecosystem.

On April 9, South Korean President Yoon Suk Yeol revealed the country’s intention to splurge 9.4 trillion won (US$6.9 billion) to support the local AI industry.

About 1.4 trillion won (US$1 billion) will be used to support AI semiconductor manufacturing firms to match industry first-movers like the U.S. and China, which have taken major steps to improve their chip-making capabilities amid rising AI adoption.

In response to the global power plays, Yoon announced a heavy investment in the space focused on AI chips rather than software and large language models (LLMs).

“It is no exaggeration to say that the future of the semiconductor industry depends on AI,” Yoon said. “The semiconductor competition taking place now is an industrial war and an all-out war between nations.”

South Korean administrators say the investment to jolt the local AI semiconductor industry will occur in tranches, coming to a close by the end of 2027.

The East Asian country will not start entirely from scratch, with semiconductors forming an integral part of its gross domestic product (GDP). In March, chip exports reached their peak at a staggering $11.7 billion.

“Just as we have dominated the world with memory chips for the past 30 years, we will write a new semiconductor myth with AI chips in the next 30 years,” said Yoon.

South Korea has set its sights on improving its digital economy, rolling out strict regulations for virtual asset service providers (VASPs) and ramping up investments in the metaverse.

Private firms mirror government enthusiasm

In June, South Korean telecom giant KT Corporation (NASDAQ: KT) announced a $5.3 billion investment in AI research and development to identify new use cases for the industry.

“We will do our best to raise the level of competitiveness of the AI industry in Korea as a whole, as well as KT’s future growth,” remarked KT Corporation Vice President Song Jae-ho at the time.

Other key industry players like Samsung Electronics, SK Hynix, and SK Square have signaled an intention to significantly increase their AI chip manufacturing capabilities in the coming months.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.

Watch: How blockchain will keep AI honest

Recommended for you

Last Week in AI: Google, OpenAI leads generative AI video creation
This week in the AI space saw Google and OpenAI's race to bring generative AI videos, Intel's CEO resignation, and...
December 9, 2024
Philippines rises 31 spots in UN e-Participation Index
The Philippines has achieved a remarkable milestone in the 2024 United Nations e-Participation Index, securing the 49th spot among 193...
December 9, 2024
Advertisement
Advertisement
Advertisement