1. Alternatively referred to as flash storage, flash memory is a non-volatile computer memory that was first invented by Fujio Masuoka in the early 1980s while at Toshiba and introduced to the market in 1984. It was also later developed by Intel Corp. This type of memory is an integrated circuit that does not need continuous power to retain the data, but is a bit more expensive than magnetic storage. Today, flash memory is becoming more popular, and solid-state drives are a practical replacement for large hard drives if you have the extra money.