Revolutionizing Data Privacy: Chain Reaction’s Encrypted Blockchain Chips
The adoption of blockchain technology has surged globally, leading to many companies and organizations exploring its potential through various approaches.
Chain Reaction, an Israeli startup, is one of the latest firms to venture into blockchain technology.
The company has secured a $70 million fund to develop blockchain chips, with Morgan Creek Digital leading the fundraising round alongside other participants like KCK Capital, Jerusalem Venture Partners, Hanaco Ventures, Blue Run Ventures, Atreides Management, and Exor.
Chain Reaction intends to channel the funds into expanding its engineering team to develop the blockchain chip Electrum, which is set to perform speedily and efficiently by carrying out operations known as ‘hashing.’ This chip will also be utilized in mining activities for digital assets like Bitcoin mining.
Furthermore, the company will focus on developing processors for encryption technologies related to privacy, with homomorphic encryption being top of its list. Homomorphic encryption enables users to operate on data while it’s still fully encrypted, ensuring end-to-end encryption and data privacy. However, the practical application of this encryption type faces some challenges, which Chain Reaction aims to tackle.
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One of the benefits of the new blockchain chips is that it solves the restrictions faced when dealing with data encrypted into the cloud.
Decrypting previously encrypted data before analyzing or using it poses security risks, especially for governments and top industries like defense. However, with an encrypted chip, these risks are eliminated, as the operators can access the data while it’s still encrypted.
Chain Reaction is a technology-based company that specializes in developing semiconductors and related processes used in blockchain technology.
Additionally, the company operates in the privacy hardware space, involving cryptographic processes.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
