Encryption algorithm multiple threads/cores for higher throughput
Typically, it is thought that an encryption algorithm is a sequential process, that relies on the previous block or bit(s) in order to accomplish effective cipher strength. This means the algorithms cannot be multi-threaded.

This is only true for &quot;heavy-handed&quot; operations like CBC-MAC (and its variants), HMAC and CBC. For most of modern cryptography as implemented, parallelizability is both a feature an a necessity for high performance implementations.
Before jumping to the schemes that are relevant to you in this context, let me clarify why parallelism is actually a necessity. You might have heard of the AES-NI. These are instructions that perform one AES round per instruction. However, the instructions don't have a latency of 1 CPU cycle but of 3-7 CPU cycles even though they have a throughput of at least 1 instruction per cycle. Latency in this context means that if instruction B depends on the result of instruction A, B must wait for the full latency of A. So, what you need to do to optimally use your hardware is to have 8 data-independent AES operations be run in parallel which is quite tricky with request-level parallelism. So instead what schemes do, is they use a parallelizable scheme and don't compute one block of AES data at a time, but rather 8 or however many is optimal for the implementation.
But how can this be done, you surely ask yourself:

If you want CPA-secure encryption, CTR-mode transforms a block cipher into a stream cipher by encrypting a counter.
If you want a nonce-based MAC, GMAC can be parallelized - which is commonly exploited to reduce the number of reductions to compute.
If you want a full-blown parallel PRF, PMAC is the way to go, though it is not seen as often in practice due to the prominence of HMAC or single-block AES where needed.
If you want a parallel hash algorithm, you can use tree-hashing.
If you want authenticated encryption, AES-GCM can be parallelized - as it is essentially composed of GMAC and CTR.
If you want nonce-misuse-resistant authenticated encryption, the generic SIV transform and AES-GCM-SIV both require two passes but each pass can be parallelized - at least for the encryption, the decryption is natively parallel.