Samsung Electronics, together with IBM, is set out to develop a new application using the online virtual currency Bitcoin technology.
Samsung Research America, a Silicon Valley subsidiary of Samsung Electronics, announced on April 10 that it will develop a new online transaction verification technology through application of the Bitcoin's blockchain technology.
Blockchain is a technology that records transaction statements on a P2P basis through online network.
At present, this technology costs the operator a huge amount of expenses, including server cost, due to the verification procedures needed for online remittance and the storage of music and video files.
If Samsung's new bitcoin blockchain technology is developed, it could contribute to saving the cost substantially. A Samsung Research America official said, "The blockchain technology can be applied in many other areas. Anything like prescription could be managed with this blockchain technology."
