The use of blockchain technology is on the increase, and the majority of businesses are investigating the technology in some form. As blockchain technology grows more widespread, users of all stripes will want access to the possibilities offered by this platform in the most effective manner possible.
The development of blockchain chips as energy-efficient accelerators is one of the measures that have been taken as a result of this. Chain Reaction, a blockchain chip business located in Tel Aviv, said on February 23 that it has funded $70 million in order to grow its technical staff in preparation for the development of its next chip.
According to Alon Webman, co-founder and CEO of Chain Reaction, the new chip will be a “completely homomorphic encryption” device. This kind of chip would allow the user to continue working on data even while the chip is in the process of encrypting it.
“Today, if you have data (which) is encrypted into the cloud, and in order to perform any data operation or data analytics, or do A.I., you need to decrypt the data,” said the researcher. “This is a must.”
He went on to explain that governments and big companies, such as the military industry, that may use cloud services but are now barred from doing so owing to worries about security.
“As soon as the data is encrypted, it is vulnerable to assault by a hostile person who may read it, steal it, or even modify it.”
A chip that is encrypted and also provides access to data that is encrypted might be helpful in this situation. According to Webman, Chain Reaction anticipates releasing that chip as soon as the year 2024 comes to a close.
According to Webman, Chain Reaction plans to begin mass manufacturing of its existing blockchain chip, Electrum, in the first quarter of 2023. This information comes from Webman. The chip was developed to facilitate hashing in a speedy and effective manner. Additionally, it has applications in the mining of several cryptocurrencies.
The software maker Intel also introduced a blockchain chip created by Nvidia in February 2022. This chip was meant to speed up energy-intensive blockchain operations that demand enormous quantities of computational power.
Additionally, Nvidia has a dedicated processor designed just for the mining of Ethereum.