Samsung exploring Bitcoin technology for new applications

Samsung Group Headquarter Building in Seoul, South Korea.

Bloomberg is reporting that Samsung is collaborating with IBM to use blockchain technology for new applications.

Researchers at Samsung Research America, a Silicon Valley-based division, are looking at using the Bitcoin blockchain to develop better ways to verify “that what you say is authentic is authentic,” said Steven Rahman, the division’s director of strategy.

“The blockchain technology is very interesting in general, and it can be applied in a lot of areas,” said Rahman to Bloomberg. “Currency, it’s just the first use case. You could imagine that anything, like prescriptions, could be managed with the blockchain technology.”

Rahman said that Samsung Research America usually develops technologies that may be used in commercial product in two to five years, declining to provide additional details about the Bitcoin project.

Reuters reported last month that IBM was considering adopting blockchain technology for major currencies.