GMR was discovered in layers iron, chrome and ferrite by Peter Grünbergs research team of the Jülich Research Centre (Germany) in 1988. Peter Grünberg owns a patent for the technology. It was also discovered by Albert Ferts research group of the University of Paris-Sud (France) in layers ferrite and chrome. The Fert group were first to see what they thought of as a "large" effect which is why they gave the name "Giant". The Fert group were also first to explain the correct physics of GMR. The discovery was the beginning of the science spintronics. Grünberg and Fert have been given prizes and awards, including the 2007 Nobel Prize in Physics, for this discovery and other spintronics work.