Veröffentlicht von Chain Reaction Raises $70M to Develop Blockchain Chip
• Israeli startup Chain Reaction has raised $70 million to develop a “fully homomorphic encryption” chip.
• The new chip will allow users to work on data while the chip is encrypted, thereby providing secure cloud services.
• Chain Reaction plans to launch the chip by end of 2024 and is already working on its current blockchain chip Electrum, set for mass adoption in 2023.
Background
Israeli-based startup Chain Reaction has successfully raised $70 million to support the development of its next blockchain chip. The funds will go towards expanding the startup’s engineering team working on developing the next chip. The CEO and co-founder of Chain Reaction Alon Webman noted that the chip will be a fully homomorphic encryption chip that will allow users to work on data while the chip is encrypted. He said: „Today if you have data (which) is encrypted into the cloud and in order to do any data operation or data analytics, do A.I., you have to decrypt the data.“ Webman noted that organizations and major industries that would otherwise use cloud services are restricted from doing so because of security concerns since once the data is decrypted it becomes vulnerable to malicious users looking to read, steal or change it.
Fully Homomorphic Encryption Chip
The new chain reactionchip allows users to access their data under encryption and Chain Reaction plans to launch their chain reactionchip by end of 2024. Their chain reactionchip is designed for fast and efficient hashing which could also be used for mining cryptocurrencies. Intel had previously partnered with Nvidia Corp back in February 2022 in order launch a blockchain but Nvidia individually produces chips specific for Ethereum mining as well..
Adoption
Chain Reactions plan on starting mass adoption of their current blockchain Electrum in first quarter 2023 before launching their chain reactionchip by end 2024..
Conclusion
Chain Reactions aim for theirchain reactionchipis toovercome security concerns when using cloud services since this provides accessdata under encrypion whilst allowing users too perform operations without havingto decrypt it thus making it more secure from malicious users .