Samsung works on blockchain-based verification software

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.



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