Samsung Research America, a subsidiary of the South Korean technology giant, is working with blockchain technology in order to create new transaction verification software.
IBM is also involved in the venture, the Economic Times reported.
Samsung is looking to develop ways to verify ‘‘that what you say is authentic is authentic,’’ says Steve Rahman, director of strategy at Samsung Research America.
‘‘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,’’ said Rahman.
Samsung and IBM are not the only companies that have expressed a recent interest to develop Bitcoin technologies. Investor relations group Nasdaq OMX licensed its technology to a bitcoin trading firm. Bitcoin start-up Coinbase has recently been invested in by the New York Stock Exchange.
Using Ripple's enterprise blockchain solutions, Standard Chartered has completed its first real-time cross-border payment for businesses with another major correspondent bank.
Three years on from being acquired by PayPal, Braintree, a company which allows merchants to process a range of different payments, has revealed the number of its payment transactions has increased by 25 times.
Fresh from its $4.5bn IPO, Nordic payments processor Nets has picked Spire as its partner to help with the physical roll out of mobile payments for Dankort customers.
Square has introduced a new update to its contactless and chip readers that reduces transaction speed to 4.2 seconds.