Home CryptocurrencyAltcoin An Israeli startup wants to create blockchain chips with $70 million in fresh funding

An Israeli startup wants to create blockchain chips with $70 million in fresh funding

by SuperiorInvest

Blockchain technology adoption is on the rise, p most businesses explore the technology to some extent. As blockchain becomes more ubiquitous, all types of users will need it the most effective approach on the possibilities of this technology.

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

Alon Webman, co-founder and CEO of Chain Reaction, said the new chip will be a “fully homomorphic encryption” chip 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 do any data operation or data analysis, do AI, you have to decrypt the data.”

He went on to say that large industries that could benefit from cloud services, such as defense and governments, currently do not because of security concerns.

“Once the data is decrypted, it can be attacked by a malicious user to read, steal or even change it.”

An encrypted chip that allows access to data under encryption could help with this. Webman says Chain Reaction aims to launch this chip as early as late 2024.

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

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

Last year in February 2022, software developer Intel also launched a blockchain chip designed by Nvidia Corp to speed up energy-intensive blockchain tasks that require large amounts of computing power.

Nvidia also has a separate chip with the specific purpose of Ethereum mining.

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