Samsung Wednesday unveiled its vision for the future of wearable devices at an event in San Francisco. A big part of the company's proposition is that health monitoring could be improved by collaboration amongst companies that are normally competitors. 

The company has released an open reference design platform called Simband, which the company says provideds a "blueprint” for building advanced health monitoring devices. 

Devices based on the platform, which includes sensors and other technology, would enable users to collect biodata and store it in the cloud, where it could be analyzed by a doctor or other wmedical professional. Samsung envisions a future where wearable devices could also alert users to potential health problems before they reach a critical stage. 

Samsung says one of its goals is to create a health and wellness wearable that is comfortable enough to be worn all the time, even while the user sleeps. 

Specifically, the sensors in the wristband will be able to monitor a wide range of information, from heart rate and respiratory rate to blood pressure and blood flow. 

Young Sohn, president and chief strategy officer of Device Solutions for Samsung Electronics, said in a statement that the project would allow innovators to change the way we view healthcare. 

“Samsung’s Digital Health Initiative provides an exciting opportunity for the brightest minds in the technology world to come together to develop the products that will, for the first time, put individuals in the driver’s seat in understanding their own health and wellness,” Sohn said. 

Samsung's news comes ahead of Apple's annual developer conference next week and amid reports that Cupertino may be prepping for the launch of its first wearable in the form of a watch some time in September.