As the name indicates, SMART is smart enough to convert seawater into fresh water and generate enough electricity for up to 100,000 people. This leading-edge technology will be beneficial for small cities and areas that lack clean water.

Korea is the first country to venture solely into this new technology and hopes to bring it on to the international market. Countries such as the Philippines and Kazakhstan have already contacted Korea regarding the possibility of joining the project. The International Atomic Energy Agency's expectations are high; it predicts the market for midsize reactors could be in the range of US$300 billion.

Experts also say the multifunctional midsized reactor is 100 times safer than a large reactor.

So how does it work? SMART creates heat by burning uranium, with 90 percent of the heat coming from the nuclear reactor used for electricity production, which is then converted into steam through a vaporizing and cooling process that turns seawater into fresh water.

Although SMART has enormous potential, the final phase of the project is still up in the air as it currently lacks funding.

Arirang news