MRAM stands for Magneto resistive Random Access Memory. It uses magnetic fields rather than electrical charges to store and randomly access data in a non-volatile manner, keeping information even when power is turned off. MRAM has the potential to replace SRAM, DRAM and Flash memory by offering read and write speeds that are faster than Flash but slower than SRAM and DRAM, while also being non-volatile like Flash. An MRAM bit cell consists of two ferromagnetic layers separated by an insulating tunnel barrier, and data is written and read via the magnetic orientation of the layers.