Nurse Taking Pulse --- Image by © Royalty-Free/Corbis

Samsung unveiled a new chip this week that could change wearable technology forever. The company's new Bio Processor (BP) can constantly check your heart rate, with possible benefits for health, sports and everyday use.

BP is more accurate than current wearables and smartphones because it uses an electrocardiogram to measure the electric activity of your heart. The chip also includes built-in flash memory and Bluetooth for connecting to your phone and other devices. The only catch is that it needs to be attached to your skin right next to your heart to work.

The company also unveiled the S-Patch, which packs a Bio Processor and costs under $200, though it's unclear when or if you'll actually be able to buy one. Moving forward Samsung hopes to make the chip even smaller and more battery efficient.

The constant heart monitoring has obvious benefits for anyone with health issues or professional athletes, but it could also have more mainstream potential. By measuring your pulse, BP can actually identify the wearer, turning it into a digital key that could open the door to your car and home. It could even download your personal information to a new device for you automatically.

There are still some limits on what this technology can do, but if Samsung can fit its Bio Processor into a decent wearable device it could change the entire industry. Hopefully it's not too long before BP makes its way into the company's consumer products.