Korean scientists announced Monday they have developed a new kind of highly efficient light emitting diode (LED) that can help develop next-generation displays and computer chips.

The research team of Seoul National University said they have perfected a new production method that can produce high-quality green quantum dot LEDs with superior brightness and purity characteristics that are easier to make than existing products. The development was published in the latest edition of "Advanced Materials," and was featured in the April 22 issue of "Asia Materials."

The new LED has twice the efficiency, three times the brightness and 20 percent improved purity compared to existing products, according to the team led by Char Kook-heon, a chemical and biological engineering professor and Lee Chang-hee, a faculty member of the university's electronics and computer engineering department. The new production method also cut costs and manufacturing time by around 30 percent, they added.

The breakthrough is significant because efforts to develop green quantum dot LEDs have generally resulted in expensive and poor-quality products that are limited in overall use. Most LEDs are red-light based.