If you thought a thousand songs sitting inside your 2GB MP3 player was impressive in terms of capacity, wait until you get a load of the new "racetrack" memory hard disk drive being developed by IBM. This new technology created by the Silicon Valley-based company will be capable of storing more data in the same amount of space possible with lightning fast boot times and lower production costs.

Based on the concept of allowing data to "race" through a specialized wire "track", the new solid state electronic device will feature a more durable build due to the lack of moving parts and will be able to store more data than today's storage devices.

This technology has the potential to store around 500,000 songs or around 3,500 movies into a device using "racetrack" memory. Its projected build will also be more durable and will cost much cheaper in terms of price and power consumption.

The study of "racetrack" memory stems back to the concept of using magnetic domain walls to store the information. For more details on this, you can watch the explanation of how the technology works through the video we've provided below:

In any case, it will still take some time before we see more concrete evidence of this technology in action. We'll be keeping an eye on any more updates regarding this interesting new technology, so make sure to keep coming back to this spot.