The current landscape of digital computing predominantly relies on the binary system, limited to representing information using only 0 and 1. Nevertheless, the relentless progression in chip design and manufacturing technology has pushed traditional binary chips to the confines of Moore's Law. To transcend these limitations, alternative computing paradigms are being explored. Among these, balanced ternary chips have emerged as a disruptive concept, offering a fresh perspective. This paper delves into the fundamental principles of ternary computing, elucidates the reasons underpinning its adoption, and discusses chip design considerations. Additionally, it provides insights into the real-world applications of ternary chips, highlighting both research and practical cases. Furthermore, the paper explores the challenges currently faced by balanced ternary computing and outlines potential directions for future development. In conclusion, this research not only broadens our understanding of ternary computing but also underscores its significance in reshaping the landscape of computing technology, potentially overcoming the limitations of binary systems, and ushering in a new era of computational efficiency.