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April 10, 2015

Samsung eyes bitcoin blockchain tech for innovative applications

"Currency, it's just the first use case.'

By CBR Staff Writer

Samsung Electronics is exploring the use of bitcoin technology in other applications in collaboration with IBM.

The bitcoin peer-to-peer system allows users to carry out transactions directly without needing an intermediary, while transactions are verified by network nodes and recorded in a public distributed ledger called the block chain.

The South Korean company’s Samsung Research America division is looking to use the bitcoin blockchain technology for verification.

Samsung Research America director of strategy Steven Rahman told Bloomberg that the company is looking to explore the use of bitcoin blockchain, "that what you say is authentic is authentic."

Rahman said, "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."

According to earlier reports from Reuters, IBM is looking to use bitcoin technology to create a digital payment platform which can handle major currencies.

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The technology known as ‘blockchain’ is planned to be used for a digital cash and payment system, which will facilitate transfer of cash without bank clearance or any third party intervention.

Digital transactions made through the system would be kept in an open ledger of a specific country’s currency.

Similar to the functioning of bitcoin network, the ledger will can be accessed by all users instead of storing the transaction information in a separate server which is controlled by bank or any other companies.

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