Samsung is the latest company to join bitcoin’s blockchain development race. The global tech giant expressed its interest in using the technology for a wide range of applications that go beyond currency and finance.
“The blockchain technology is very interesting in general, and it can be applied in a lot of areas,” said Steve Rahman, Director of Strategy at Samsung Research America.
“Currency, it’s just the first use case. You could imagine that anything, like prescriptions, could be managed with the blockchain technology.”
At the moment, the blockchain is fueling bitcoin transactions worldwide. The process foregoes the need for a regulating third party, such as a bank or financial institution. Without lengthy clearing protocols, international payments and remittances can be completed faster with lower transaction fees.
The blockchain is relatively new and has not been scaled to accommodate mainstream payments, which is where Samsung comes in. The company’s efforts could help bring down operator expenses and server costs required to store massive amounts of payments transaction data, as it goes through the verification process.
If all goes as planned, many speculate that Samsung could be a leading beneficiary of bitcoin in the future.
“At least half a billion U.S. dollars, up from $10 million two years ago, will be spent on purchasing Bitcoin mining systems worldwide next year or in 18 months. Much of the money will go directly to foundries with the highest technology in the world, including Samsung, Intel and TSMC,” highlighted Peter Vessenes, Chairman of Bitcoin Foundation and CEO of CoinLab.
Analysts say that Samsung’s presence in the bitcoin space may help streamline adoption rates in South Korea. The company is currently responsible for 17 percent of the country’s GDP and holds the capacity to influence local politics, trends, and media.
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