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Samsung Testing Bitcoin Technology Beyond Currency Use

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Samsung Electronics is working with IBM to use bitcoin technology for new applications. While bitcoin’s price has almost halved in the past year and the prospects for the digital currency are uncertain, its underlying software is attracting companies like phone makers, carriers and banks. That’s because the technology can be tweaked to record changes in ownership of any asset in a public ledger using a distributed network of computers or mobile phones. It could help facilitate all types of online transactions. Samsung Research America, a division based in Silicon Valley, has researchers looking at using the so-called bitcoin blockchain to design better ways to verify “that what you say is authentic is authentic,” said Steven Rahman, director of strategy at the research division.

Samsung makes electronics ranging from Galaxy smartphones to home appliances and TVs. The Suwon, South Koreabased company also runs music radio and video services, a mobile-payment service, and offers a variety of apps. Original post at ET Telecom

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Wahengbam Rorrkychand

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