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This paper presents the outer-round only pipelined architecture for a FPGA implementation of the AES-128 encryption processor. The proposed design uses the Block RAM storing the S-box values and exploits two kinds of Block RAM. By combining the operations in a single round, we can reduce the critical delay. Therefore, our design can achieve a throughput of 34.7 Gbps at 271.15 Mhz and 2389 CLB Slices with 200 BRAM. We can get the much higher efficiency than any other implementation reported in the literature.