South Korea to create 'data exchange' for AI age

South Korea will create laws for a data exchange where people can buy and sell data for fair market prices, the country's IT ministry has said. The Ministry of Science, ICT and Future Planning said it will make new regulations to oversee the creation of and support for a data exchange and data free-zones. The creation of these will allow better data protection and pricing, it said, and will prepare for the coming "intelligent information society" driven by the fourth industrial revolution and artificial intelligence (AI) technology. "Each data saved on mobile or Internet of Things devices are small in themselves, but they become an AI-based big data service when put together," said Kwon Yong-hyun, head of planning for the ministry's intelligent information society task force. "There are strong opinions that it is unfair for only big data companies, who gather these data, to earn profits."