Stuart Parkin at IBM's Almaden Research Center is credited with major breakthroughs in magnetic technology, which made possible present day magnetic high storage mobile devices. Now, his research is focused on magnetic storage devices that combine the best features of present day storage devices.
A quote from the article at Technology Review:
The devices could also be more compact and cheaper than conventional solid-state memory. They would resemble such memory in that they would use millions of tightly packed read-write devices arrayed in a grid on a memory chip, rather than the few read-write heads used in hard drives. But unlike conventional solid-state memory, in which each read-write device can store between one and four bits, each would be paired with a nanowire that can store between 10 and 100 bits.
While nanotechnology promises more innovations that it delivers, it's important to know that Parkin's research can be used to deliver devices that are the equivalent of today's flash memory but faster by several factors.