South Korean electronics giant Samsung Electronics Co. said on Tuesday that it will invest heavily in security for the Internet of Things sector, citing security for IoT as a ‘key future technology’ alongside energy storage and harvesting.
The report on Tuesday, from South Korea’s Yonhap News Service said Samsung, currently the world’s top maker of mobile phones, said Samsung is soliciting proposals on IoT security algorithms and protocols through the end of June.
Possible applications include “biometrics, smart structures and advanced traffic networks,” according to Yonhap.
The announcement comes by way of Samsung’s Future Technology Fostering Center, a research group that the company established last year to help keep it on the cutting edge in technology. According to published reports, Samsung has pledged 1.5 trillion won ($1.34 billion) over 10 years to fund the Center. Approximately 750 billion won ($670 million) will be allocated to research projects through 2017.