The use of blockchain technology is on the rise and most companies are researching the technology in some form. As blockchain technology becomes more widespread, users of all persuasions will want to access the possibilities offered by this platform in the most effective way 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 Tel Aviv-based blockchain chip company, said on Feb. 23 that it has funded $70 million to increase 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 “fully homomorphic encryption” device. This type of chip would allow the user to continue working with the data even while the chip is in the process of encrypting it.

“Today, if you have data (that) is encrypted in the cloud, and to do any data operation or data analysis, or do AI, you need to decrypt the data,” the researcher said. “It is a requirement.”

He went on to explain that governments and large companies, such as the military industry, can use cloud services, but are unable to do so now due to security concerns.

“As soon as the data is encrypted, it is vulnerable to attack by a hostile person who can read, steal or even modify it.”

A chip that is encrypted and also provides access to encrypted data could be useful in this situation. According to Webman, Chain Reaction anticipates releasing that chip as soon as the year 2024 ends.

According to Webman, Chain Reaction plans to start mass manufacturing of its existing blockchain chip, Electrum, in Q1 2023. This information comes from Webman. The chip was developed to facilitate hashing quickly and effectively. In addition, it has applications in the mining of various CRYPTOCURRENCIES.

Software maker Intel also unveiled a blockchain chip created by Nvidia in February 2022. This chip was meant to speed up power-hungry blockchain operations that demand huge amounts of computing power.

Also, Nvidia has a dedicated processor designed just for Ethereum mining.