Samsung Electronics Co. It is working with International Business Machines Corp. in order to use the bitcoin technology for new applications.
While the price of the bitcoin dropped nearly in half in the last year and prospects for digital currency are uncertain, its underlying software is attracting companies such as manufacturers of phones, operators and banks. This is because that technology can be retouched to record changes in the ownership of any asset in a public accounting using a distributed network of computers or mobile phones. It could help to facilitate all kinds of online transactions.
Researchers of Samsung Research America, a division with headquarters in Silicon Valley, are examining how to use the call chain of bitcoin blocks ("blockchain") to design better ways to verify that "what a person says that it is actually true is it," said Steven Rahman, director of the division of research strategy.
Samsung manufactures electronics ranging from smart phones Galaxy to appliances and televisions. The Suwon, South Korea-based company, also manages music on radio and video service, a mobile payment service and offers a variety of applications.
"Technology chain of blocks is very interesting in general and can be applied to a number of areas," said Rahman. "The currency is only the first instance of use. You might think to deal with anything, such as prescription drugs, powered by chain of blocks".
Samsung Research America usually develops technology that can be used in commercial products within a period of two to five years, he said, refusing to give more details about the project bitcoin.
Bitcoin blocks chain could reduce the transfer of money and be used for storage of files such as songs and videos, something that currently requires them to buy hundreds of servers or rent capacity to other service providers.
Other companies are already interested in technology. The branch of Orange SA with Silicon Valley-based venture capital has said that it is considering the possibility of investing in startups of bitcoin. This year granted a license of its technology to a company that operates in both the New York Stock Exchange has invested in Coinbase, an emerging company of bitcoin with bitcoin, Nasdaq OMX Group Inc.
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