Seeing the Future of Agricultural Products with AI Technology Together with the Public!
The Korea Agro-Fisheries & Food Trade Corporation announced on the 4th the results of the preliminary round of the “Data and AI-Based Price Prediction Competition,” which is being conducted with the participation of the public.
This competition is being promoted jointly by the Digital Platform Government Committee, the Ministry of Agriculture, Food and Rural Affairs, the Korea Agro-Fisheries & Food Trade Corporation, and the National Information Society Agency.
Using AI and digital technology, the goal is to predict the volatility of agricultural product prices to provide more stable price information for farmers and the general public.
In the preliminary round, a total of 551 teams comprising over 1,400 participants competed in price prediction accuracy for agricultural products, with 10 teams advancing to the finals.
The finalist teams presented innovative models specialized in time series data prediction using deep learning models and boosting models that utilize various AI and big data analysis techniques.
The finalist teams are scheduled to receive their final evaluations on November 14th at the final event held at the Kim Daejung Convention Center in Gwangju.
Notably, the final event will be held in conjunction with the Korea Government Expo (November 13-15) and is expected to have a fairer and more professional assessment by involving domestic AI experts and a public participation group.
Among the finalist teams, the grand prize-winning team will receive the Minister of Agriculture, Food and Rural Affairs’ Award and a prize of 15 million won. The runner-up will receive the Chairman of the Digital Platform Government Committee’s Award and a prize of 10 million won. Three excellent teams will each receive a prize of 5 million won and the President of the Korea Agro-Fisheries & Food Trade Corporation’s Award.
The Korea Agro-Fisheries & Food Trade Corporation (aT), which is organizing the competition, operates the comprehensive agricultural distribution information system “Nongnet,” providing various distribution, consumption, and production information and price prediction services for key agricultural products.
Hong Moon-pyo, CEO of aT, stated, “The innovative application of AI and big data technology for agricultural price prediction will serve as an important catalyst for accelerating digital transformation in Korean agriculture. The excellent prediction models discovered through this competition will be incorporated into the ‘Nongnet’ price prediction service operated by aT, striving to provide higher-quality information to the public.”