South Korean electronics giant Samsung is reportedly considering how blockchain can be used in today’s evolving financial and technology sectors.

Blockchain is the underlying technology that supports popular digital currency bitcoin. It makes use of cryptography to create a distributed ledger system in order to hold and spend money in a more open, transparent and flexible manner compared to the traditional bank or credit card companies.

And this is what the Samsung Group is looking into. According to The Korea Times, CEOs of the multinational company recently attended a lecture on the technology.

A report claimed Samsung was planning “to set up a blockchain system among its financial subsidiaries as early as October, to expand it to diverse financial services next year.” But this was refuted by a Samsung Group spokesman, who told The Korea Times that the executives attended the lecture to learn the basic concepts of the technology.