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The problem with current technology is that we are fast approaching its theoretical limits. For example, flash memory technology has an upper size limit. It also has a rewrite limit - between 10,000 and 100,000 writes - after which it will no longer store data.

There are also limits to the storage capacity of hard drives, and so alternatives have to be found to meet the ever-increasing demand of modern memory-hungry applications. MRAM (magnetoresistive random access memory) is one such alternative which is making steady progress to the marketplace. Conventional random access memory (RAM) can be accessed, read and written to very quickly, which is why it is used to handle data that a computer is currently using. However, its problem is that it needs constant power, or all data is lost, hence the reason work is saved on other types of devices, usually hard drives. MRAM combines the access speed of RAM, but takes away the volatility; it does not need constant power to operate. It also does not have the flash memory problem of limited read-rewrites. MRAM has been labelled 'the holy grail' of memory as these features have never been available on a single chip before.