Technology 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.
There are also rumors of an IBM-Samsung partnership in the works that will focus on the use of blockchain. This collaboration is said to be focused on ADEPT—Autonomous Decentralized Peer-to-Peer Telemetry. In simpler terms, because that name can be a mouthful, it is their collaborative effort to organize and stimulate the growing “Internet of Things”. Blockchain has successfully handled the vast network of bitcoin transactions that have occurred to date, and as such, its candidacy as an essential technology for the future of our increasingly internet-tethered lives is congenial.
There has been much concern around the topic of “Internet of Things”, particularly in questions like: “Where will we store this data?”, “How will we store it securely?”, “How will we maintain data integrity?”, and so on. With two of the world’s most innovative technology companies on the job, I’m sure we can expect revolutionary tactics and answers to these questions in the near future.