Does the "Memory Palace" really exist?

It's also known as the loci method of mnemonic organization--a way of organizing one's memories for rhetorical purposes. It was invented by the ancient Greeks, and greatly elaborated by the Romans, who were very interested in rhetoric. Click here to read the Wikipedia article on the "memory palace."

I have seen a Korean drama, which tells the human memory can be made into a chip, but also can delete and modify memory, in order to create a world without crime. Maybe the memory palace really exists.