As Samsung Group seeks to lead the fintech industry, the South Korean electronics giant is turning its eyes toward blockchain technology. Reports from Korean media outlets suggest that the firm is planning to set up a blockchain system among its financial subsidiaries as early as October, which it would expand it diverse financial services next year.
HSBC, Bank of America Merrill Lynch and Singapore’s Infocomm Development Authority (IDA) have teamed up to trial a new blockchain prototype to execute import-export deals automatically using smart contract technology.
2016 is the year real estate wakes up to blockchain as industry professionals are looking to harness the technology to reduce costs, stamp out fraud and speed up transactions.
The blockchain, the core technology underlying the digital currency bitcoin, has gained much interest from the financial services industry with major players all looking to harness its potential in hopes to gain in efficiency and reduce infrastructural costs. But beyond financial services, a variety of non-financial applications are being explored including its use in the real estate business.