As blockchain technology continues to gain traction, users from all walks of life need easier ways to access its capabilities. One answer has been the advent of energy-efficient blockchain chips that can be used as accelerators. Tel Aviv-based startup Chain Reaction recently raised an astounding $70 million to expand its engineering team and create even more powerful versions of these revolutionary chips!
Industries With Security Concerns Could Use These Blockchain Chips
According to Alon Webman, the co-founder and CEO of Chain Reaction, they are introducing a “fully homomorphic encryption” blockchain chip that enables users to manipulate data with it still encrypted. As he pointed out:
“Today, you have no choice but to decrypt any cloud-stored data if you wish to perform operations or conduct analysis on it using A.I., for example.”
He further asserted that, due to security apprehensions, governments and major industries such as defense are unable to take advantage of cloud services. “Once the data is decrypted,” he warned, “it can be easily targeted by a malicious user with potential access to read it or steal-or even modify-the information.” Chain Reaction has plans to launch an encrypted blockchain chip that would grant protected access in 2024; this could help mitigate these threats.
Mass Production of Blockchain Chip Is Planned to Begin in the First Quarter of 2023
Webman reported that Chain Reaction is planning to begin bulk manufacturing the Electrum blockchain chip, designed for rapid and effective hashing, in early 2023. It can be utilized in mining digital currencies as well. In February 2022, Intel also released a blockchain processor from Nvidia, which was meant to expedite energy-exhaustive tasks involving substantial computing power on blockchains. Separately, NVidia markets another chip specifically intended for Ethereum mining.
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