In a report published on the coveted Science journal, IBM researchers have announced that the company is closer to developing storage devices capable of storing 100 more information using lesser energy than currently possible.
IBM said that a team of researchers at the Big Blue was close to finish developing a technology called Racetrack memory, which uses sliding magnetic bits in nanowires, allowing huge amounts of to be stored in a smaller space.
The company claims that once completed, the technology will allow the production of devices that are cheaper, faster and more compact than any other device currently prevalent and offer greater storage space at the same time.
According to the report, the company has finished has finished establishing the basic physics behind creating the device and is moving on the next step on producing prototypes.
Stuart Parkin, the lead researcher on the project, predicts that the first devices running on the technology will available in the next five years.