BlocksInform
Israel-based start-up chain reaction has managed to raise 70 million dollars to support the development of its next blockchain chip. The funds will be used for the expansion of the engineering team of the start-up working on the development of 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.
Encrypted access of data.
The new chip gives users access to encrypted data and chain response plans to launch the chip by the end of 2024.
Chain reaction is already working on the beginning of mass adoption of its current ELECTRUM chip blockchain in Q1 2023. The Electrum chip is designed to support fast and efficient hashing and could also be used for mining cryptocurrencies.
Reaction en chaine is not the first company to develop a blockchain chip since the intel software developer in February 2022 teamed up with nvidia corp to launch a blockchain chip. Nvidia also individually produces chips specific for Ethereum mining.
