Genomic search tools can provide valuable insights into the chemical structure, evolutionary origin and biochemical function of genetic material. A homology search algorithm compares a protein or nucleotide query sequence to each entry in a large sequence database and reports alignments with highly similar sequences. The exponential growth of public data banks such as GenBank has necessitated the development of fast, heuristic approaches to homology search. The versatile and popular blast algorithm, developed by researchers at the US National Center for Biotechnology Information (NCBI), uses a four-stage heuristic approach to efficiently search large collections for analogous sequences while retaining a high degree of accuracy. Despite an abundance of alternative approaches to homology search, blast remains the only method to offer fast, sensitive search of large genomic collections on modern desktop hardware. As a result, the tool has found widespread use with millions of queries posed each day. A significant investment of computing resources is required to process this large volume of genomic searches and a cluster of over 200 workstations is employed by the NCBI to handle queries posed through the organisation's website. As the growth of sequence databases continues to outpace improvements in modern hardware, blast searches are becoming slower each year and novel, faster methods for sequence comparison are required. In this thesis we propose new techniques for fast yet accurate homology search that result in significantly faster blast searches. First, we describe improvements to the final, gapped alignment stages where the query and sequences from the collection are aligned to provide a fine-grain measure of similarity. We describe three new methods for aligning sequences that roughly halve the time required to perform this computationally expensive stage. Next, we investigate improvements to the first stage of search, where short regions of similarity between a pair of sequences are identified. We propose a novel deterministic finite automaton data structure that is significantly smaller than the codeword lookup table employed by ncbi-blast, resulting in improved cache performance and faster search times. We also discuss fast methods for nucleotide sequence comparison. We describe novel approaches for processing sequences that are compressed using the byte packed format already utilised by blast, where four nucleotide bases from a strand of DNA are stored in a single byte. Rather than decompress sequences to perform pairwise comparisons, our innovations permit sequences to be processed in their compressed form, four bases at a time. Our techniques roughly halve average query evaluation times for nucleotide searches with no effect on the sensitivity of blast. Finally, we present a new scheme for managing the high degree of redundancy that is prevalent in genomic collections. Near-duplicate entries in sequence data banks are highly detrimental to retrieval performance, however existing methods for managing redundancy are both slow, requiring almost ten hours to process the GenBank database, and crude, because they simply purge highly-similar sequences to reduce the level of internal redundancy. We describe a new approach for identifying near-duplicate entries that is roughly six times faster than the most successful existing approaches, and a novel approach to managing redundancy that reduces collection size and search times but still provides accurate and comprehensive search results. Our improvements to blast have been integrated into our own version of the tool. We find that our innovations more than halve average search times for nucleotide and protein searches, and have no signifcant effect on search accuracy. Given the enormous popularity of blast, this represents a very significant advance in computational methods to aid life science research.