Israeli startup to create blockchain chips with $70M of fresh funds

The adoption of blockchain technology is on the rise and most businesses are considering this technology in one way or another. As blockchain becomes more widespread, all types of users will need the most efficient access to the capabilities of this technology.

One response to this has been the development of blockchain chips as energy efficient accelerators. Tel Aviv-based blockchain chip startup Chain Reaction announced on Feb. 23 that it has raised $70 million to expand its engineering team to develop its next chip.

Alon Webman, co-founder and CEO of Chain Reaction, said the new chip will be “fully homomorphic encryption” that will allow the user to work with data while the chip is encrypted.

“Today, if you have data (that) is encrypted in the cloud, and in order to perform any data operations or data analysis, use AI, you need to decrypt the data.”

He went on to say that major industries that could use cloud services, such as defense and governments, are currently restricted from doing so due to security concerns.

“The moment the data is decrypted, an attacker can attack it to read it, steal it, or even change it.”

An encrypted chip can help with this, which allows you to access data in encrypted form. Webman says that Chain Reaction plans to release this chip as early as late 2024.

Modular blockchains could be the next hot crypto market trend in 2023

Chain Reaction intends to begin mass production of its current Electrum blockchain chip in the first quarter of 2023, Webman said. The chip is designed to support fast and efficient hashing. It can also be used to mine cryptocurrencies.

In February 2022, software developer Intel also released a blockchain chip designed by Nvidia Corp in February 2022 to speed up computing power-intensive blockchain tasks.

Nvidia also has a separate Ethereum mining chip.

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