Samsung Electronics is working with IBM to apply
bitcoin system for new applications. While bitcoin's cost has nearly halved in
the past year along with the customers for the digital currency are doubtful,
its fundamental application is attracting organizations such as phone manufacturers,
carriers and banking institutions. That is because the technology can certainly
be modified to record adjustments in ownership of any asset in a public ledger with
a distributed network of computer systems or call phones. It can assist simplify
all kinds of online transactions. Samsung Research America , a branch based in
Silicon Valley , has analysts taking a look at using the so-called bitcoin
blockchain to model more effective ways to confirm "that everything you speak
is authentic is authentic ," said Steven Rahman , director of strategy at
the research division.
Samsung manufactures consumer electronics which
range from Galaxy smartphones to home appliances and TVs. The Suwon, South
Koreabased Company also runs music radio and video solutions, a mobile-payment program,
and offers a variety of apps.
"The blockchain technology is quite
interesting in general, also it can be used in a number of zones," Rahman said.
"Currency, it's only the initial use case. You can assume that things,
like prescriptions, could possibly be managed with the blockchain technology."
Samsung Research America normally develops technologies that could be found in industrial
products in two to five years, he said, declining to provide further details
about the bitcoin project.
The bitcoin blockchain could allow for
cheaper money transfer and be used for storage of files like songs and videos,
which currently require companies to either buy hundreds of servers or lease
capacity from other service providers. Other companies have become interested
in the technology.
Orange's Silicon Valley-based venture-capital arm has said it's looking to invest in bitcoin startups. This year Nasdaq OMX Group licensed its technology to a bitcoin trading company, while the New York Stock Exchange invested in bitcoin startup Coinbase . Steve Tomasco , a spokesman for IBM , didn't respond to a request for comment.
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