Samsung has developed a new memory chip for smartphones and tablets, providing lots of storage space and enhanced performance.

According to the Korean firm, its new 64GB chip is 20 percent thinner than its previous offerings, due to the fact it uses 10 nanometer technology instead of 20nm used before.

As well as taking up less space inside a device, Samsung claims it has managed to enhance performance by 30 percent, making it 10 times faster than external memory cards.

Faster and thinner, but at what cost?

This is lovely and all, but what does it mean for the average Joe on the street? Well expect phones and tablets to get thinner, faster and offer more internal storage – hopefully doing away with the paltry amounts found in some devices and justifying manufacturer's decisions not to include microSD slots.

Battery life is always a concern though, and with increased performance comes potentially more demand on the power pack – fingers crossed this will be addressed before the chips hit the market.

The chips are already in production, which means we could see them land in both Samsung and non-Samsung devices from early 2013, with the Samsung Galaxy S4 and iPhone 6 both strong contenders.