The amount of storage available in smartphones and tablets might increase dramatically in the near future, thanks to a new innovation by Santa Clara, California-based startup, Crossbar.

In an official press release, Crossbar revealed its Resistive RAM (RRAM) technology. According to the press release, 1TB of RRAM can be put on a single 200 mm2 chip. Furthermore, several RRAM chips can be stacked on top of each other to create a single memory unit.

Crossbar also claims that RRAM is 20 times faster than the current best NAND Flash memory chip and uses 20 times less power.

The company affirmed that it has already produced an RRAM memory chip at a commercial fabrication facility. In addition to selling RRAM products directly, Crossbar also plans to license the technology to other companies. "Currently, we are in discussions with foundries," a spokesperson explained. "Over the next 2-3 years we'll be rolling out solution starting with embedded, then standalone Crossbar product and finally move into the IP licensing stage."