Is Bitcoin on the bottom?
In short: speculative short positions, stop-loss at 283, take-profit at $153. Samsung is partnering with IBM to work on new potential applications for the technology underlying Bitcoin – the blockchain, we read on Bloomberg: Samsung Electronics Co. is working with International Business Machines Corp. 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.
“The blockchain technology is very interesting in general, and it can be applied in a lot of areas,” Rahman said. “Currency, it’s just the first use case. You could imagine that anything, like prescriptions, could be managed with the blockchain technology.”