Apple has moved into the realm of wearable computing following their filling in Japan for the trademark of 'iWatch.'

The Cupertino, California-based company submitted the application on June 3 and it was posted on the Japan Patent Office website on June 27, according to Mercury News. Apple enters the iWatch fray behind Samsung, which is currently working on its own smartwatch and Pebble, a screenless MP3 music player meant to be worn like a necklace.

The wearable computing category includes such other brands as Google Glass. As Apple expands into this field, CEO Tim Cook states that it is not without risks.

"There are lots of gadgets in this space right now, but there's nothing great out there," Cook said at the end of May, according to ABC. "But none of them are going to convince a kid that hasn't worn glasses or a band to wear one. There are a lot of problems to solve in this space. It's ripe for exploration."

According to Bloomberg, sources familiar with Apple say the company is working to create a product that would take over some of the functions of the iPad and iPhone. Analyst Nitin Bhas speculates that Apple would give the watch far more function than just connectivity with other apple products.

Speaking to The Guardian, Bhas believes that the iWatch could take on the function of a wallet to the extent that it could pay for items as well as store tickets for events and travel. Along with this, Bhas believes that it would integrate health apps from companies like Nike, something that already takes place in certain watches and phones.

Bloomberg reported in March that the device could be released as soon as this year.

Tags: iwatch