Ethereum development studio ConsenSys is partnering with computer chip maker AMD to develop a new cloud computing infrastructure based on blockchain technology.
ConsenSys will provide expertise on how blockchain transactions may need to be processed, as well as use cases, through this partnership.
In a statement, AMD's director of product management for blockchain technology, Jerog Roskowetz, explained that the tech giant would provide ConsenSys with access to "high-performance hardware technologies capable of better scaling and proliferating decentralized networks and services."
In turn, the platform should meet a growing demand from major firms and government agencies to use the tech to support smart identity, enterprise data centers, health ID tracking, licensing and supply chain management solutions, he added.
In the statement, ConsenSys founder Joe Lubin said that boosting blockchain networks' computing power using AMD technology will aid "scalable adoption of emerging decentralized systems around the globe," adding:
AMD chips have been popular in running blockchain networks, in particular by retail customers looking to mine cryptocurrencies.
At one point, as much as 10 percent of AMD's quarterly revenue came from the crypto mining space, the company reported last year.
Interest has fallen in the months since, however, with sales to miners dropping to "negligible" levels by the end of 2018.
That being said, the company has previously released software updates for its miners specifically aimed at bolstering blockchain processes.
AMD and ConsenSys spokespersons did not respond to requests for comment by press time.
AMD image via JHVEPhoto / Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.