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Samsung Looks to Bitcoin for New Innovations | Lets Talk Payments

April.16.2015 0 Comments

Thechnology powerhouse Samsung is watching bitcoin with a twinkle in its eye. The South Korean company’s American research division seems to have taken a liking to the technique behind bitcoin, blockchain.

Blockchain is a ledger (or list) of all of a digital currency’s transactions. Bitcoin utilizes this to allow users to make payments instantly and anonymously, without the need for an intermediate party. Rather than stored on a separate server and controlled by one individual or entity, the ledger is accessible to all participants in the network.

While the majority of the tech world is beginning to marvel at this innovative process behind popular cryptocurrencies, Samsung is looking to take it into uncharted territory.

Samsung Research America director of strategy Steven Rahman commented, “The blockchain technology is very interesting in general, and it can be applied in a lot of areas.”

“Currency, it’s just the first use case. You could imagine that anything, like prescriptions, could be managed with the blockchain technology.”

IBM has also taken an interest in the blockchain technology, and is rumored to be working on a digital payment platform for major currencies utilizing the technology.