Samsung collaborates with IBM to explore Bitcoin technology

Samsung is joining hands with IBM to use blockchain technology for new applications, as reported by Bloomberg.

Researchers at Samsung Research America, a division based in Silicon Valley, are seeking to use the technology behind the digital currency to develop better ways to verify "that what you say is authentic is authentic," said Steven Rahman, the division's director of strategy.

 "The blockchain technology is very interesting in general, and it can be applied in a lot of areas," Rahman told Bloomberg. "Currency, it's just the first use case. You could imagine that anything, like prescriptions, could be managed with the blockchain technology."

He added that the research facility usually develops technologies that may be used in commercial product in two to five years, without revealing further details about the Bitcoin project.