Samsung Electronics has developed what it says is the world's first phase change random access memory (P-RAM) chip with 256 megabytes, four times larger than the existing 64-megabyte P-RAM.

The world’s largest chipmaker on Tuesday said it recently launched the production of a P-RAM prototype that can process data 1,000 times faster than existing memory chips, including flash memory chips.

The new chip can also store one bit of data when images change from amorphous to crystalline structures.

P-RAM is a major next-generation memory chip technology along with Fe-RAM and M-RAM chips. Pundits say the technology could replace flash memory chips and market leaders DRAMs and SRAMs used in computers.