Tachyum® today released a paper “Credit Unions, Blockchain, CBDC, FinTech and Tachyum Prodigy®” explaining how Prodigy, the world’s first Universal Processor, can transform transactional banking while minimizing the monetary and environmental costs of blockchain’s electrical energy requirements.
With Blockchain, transactions are transmitted directly from payer to payee (person to person) without an intermediary. According to PricewaterhouseCoopers, 77 percent of FinTech businesses are either currently using blockchain or transitioning to blockchain-based products and services. Credit Unions in particular are leading the trend toward blockchain-based banking products and services, just as the industry once led the transition to internet banking as well as other technologies widely adopted later by the commercial and consumer banking sector.
“Blockchain and cryptocurrency already raise legitimate concerns about unsustainable energy consumption, but as the technology becomes more widespread in financial services, we’re going to see consumption increase to an alarming level,” said Dr. Radoslav Danilak, founder and CEO of Tachyum. “We cannot possibly build thousands of power plants worldwide to supply electricity for blockchain, so the real solution is greater compute efficiency—in other words, faster processing that is far more energy-efficient—such as Prodigy.”
Blockchain uses vastly more energy than centrally controlled banking systems. Currently, electricity use for crypto-assets is 120-240 billion kilowatt-hours per year, which exceeds the total annual electricity consumption of entire nations, such as Argentina or Australia.
Prodigy offers a compute fabric to proliferate blockchain with optional [Central Bank] Digital Currency (CBDC) banking. A 128-core processor, Prodigy runs at clock speeds over 5GHz, outperforming all other CPU platforms in normal data center workloads and delivering extremely high hashing function performance required for blockchain banking. Prodigy achieves this performance using one-tenth the power (core vs. core), which slashes the TCO of hyperscale data center operations to one-fourth that of its closest competitors.
As a universal processor, the patented Prodigy architecture enables it to switch seamlessly and dynamically from normal CPU tasks to AI/ML workloads, so it delivers high AI/ML performance in both training and inference. AI/ML is increasingly important in the banking industry, and used to identify fraud and cyberattacks before serious financial damage can be done.
Prodigy delivers unprecedented data center performance, power, and economics, reducing CAPEX and OPEX significantly. Because of its utility for both high-performance and line-of-business applications, Prodigy-powered data center servers can seamlessly and dynamically switch between workloads, eliminating the need for expensive dedicated AI hardware and dramatically increasing server utilization. Tachyum's Prodigy delivers performance up to 4x that of the highest performing x86 processors (for cloud workloads) and up to 3x that of the highest performing GPU for HPC and 6x for AI applications.
Those interested in reading the full paper can download a copy at https://www.tachyum.com/resources/whitepapers/2023/07/18/credit-unions-blockchain-cbdc-fintech-and-tachyum-prodigy/.
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About Tachyum
Tachyum is transforming AI, HPC, public and private cloud data center markets with its recently launched flagship product. Prodigy, the world’s first Universal Processor, unifies the functionality of a CPU, a GPU, and a TPU into a single processor that delivers industry-leading performance, cost, and power efficiency for both specialty and general-purpose computing. When Prodigy processors are provisioned in a hyperscale data center, they enable all AI, HPC, and general-purpose applications to run on one hardware infrastructure, saving companies billions of dollars per year. With data centers currently consuming over 4% of the planet’s electricity, predicted to be 10% by 2030, the ultra-low power Prodigy Universal Processor is critical to continue doubling worldwide data center capacity every four years. Tachyum, co-founded by Dr. Radoslav Danilak is building the world’s fastest AI supercomputer (128 AI exaflops) in the EU based on Prodigy processors. Tachyum has offices in the United States and Slovakia. For more information, visit https://www.tachyum.com/.
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