Systems and methods are provided that confront the problem of failed storage integrated circuits (ICs) in a solid state drive (SSD) by using a fault-tolerant architecture along with one error correction code (ECC) mechanism for random/burst error corrections and an L-fold interleaving mechanism. The systems and methods described herein keep the SSD operational when one or more integrated circuits fail and allow the recovery of previously stored data from failed integrated circuits and allow random/burst errors to be corrected in other operational integrated circuits. These systems and methods replace the failed integrated circuits with fully functional/operational integrated circuits treated herein as spare integrated circuits. Furthermore, these systems and methods improve I/O performance in terms of maximum achievable read/write data rate.