Today with the advance of the technology we can implement the project with a FPGA (Field Programmable Gate Array). The FPGA is made with lots of logic blocks and each block contains logic gates, multiplexers, registers, etc. To implement the project the user of the FPGA has to make connections between these logic blocks and this is done with a HDL (Hardware Description Language). 

Red Pitaya is a hardware board with a size slightly larger than a credit card, designed to be used as a measurement and control instrument. It can be accessed through ethernet, and it is devised to be used with a web browser as interface. For the capture and generation of signals, both high and low speed ADCs and DACs are included, which allow its interaction with the environment in lots of applications, with SMA-F standard connectors. 

As seen on New Electronics

As seen on EE Times