Von Neumann Architecture also known as the Von Neumann model, the computer consisted of a CPU, memory and I/O devices. The program is stored in the memory. The CPU fetches an instruction from the memory at a time and executes it.
Thus, the instructions are executed sequentially which is a slow process. Neumann m/c are called control flow computer because instruction are executed sequentially as controlled by a program counter. To increase the speed, parallel processing of computer have been developed in which serial CPU’s are connected in parallel to solve a problem. Even in parallel computers, the basic building blocks are Neumann processors.
The von Neumann architecture is a design model for a stored-program digital computer that uses a processing unit and a single separate storage structure to hold both instructions and data. It is named after mathematician and early computer scientist John von Neumann. Such a computer implements a universal Turing machine, and the common "referential model" of specifying sequential architectures, in contrast with parallel architectures.
One shared memory for instructions (program) and data with one data bus and one address bus between processor and memory. Instructions and data have to be fetched in sequential order (known as the Von Neuman Bottleneck), limiting the operation bandwidth. Its design is simpler than that of the Harvard architecture. It is mostly used to interface to external memory.