World's most expensive item is worth $140,000,000 and could soon be in your iPhone

The most expensive item in the world could one day be found in our mobile phones.

Scientists at the University of Oxford reckon a powder, which sells for $140 million per gram, could eventually become commonplace.

If the substance was used in our iPhones, then getting around would become a whole lot easier.

This is because the powder could help strengthen GPS signal, making weak connection a thing of the past.

While this sounds incredibly far-fetched, it could become reality.

The substance sells for $140 million per gram (University of Oxford)

That's because Nitrogen Atom-Based Endohedral Fullerenes - the super catchy name of the powder - has the potential to be used to create tiny, highly accurate atomic clocks.

These are crucial in GPS technology and uses vibrations of atoms to measure time.

In satellites, they're used to deliver precise time data to GPS signals and help with navigation.

The issue is that at right now, atomic clocks are pretty big - like, the size of a room.

But Nitrogen Atom-Based Endohedral Fullerenes could help make atomic clocks so small, they could fit inside our phones.

The powder could make driverless cars even safer (Artur Widak/NurPhoto via Getty Images)

This would of course make Google and Apple maps much more accurate.

And University of Oxford scientists at Designer Carbon Materials reckon the ability to make miniature atomic clocks could make the possibility of driverless cars a whole lot safer - which is great news for Elon Musk and Tesla.

This is because the accuracy of on-board atomic clocks could help GPS systems track a car’s location even where the GPS signal is weak - including through tunnels.

It could also revolutionise route advice, making for a smoother journey.

Interestingly its name, specifically the 'fullerenes' part, is directly related to its structure.

The material is essentially a minuscule cage of carbon atoms, with a nitrogen atom inside.

An illustration of a buckminsterfullerene atom, showing the distinctive 'cage' structure (KATERYNA KON/SCIENCE PHOTO LIBRARY / Getty)

The name 'fullerene' refers to this 'cage' and is a nod to architect and philosopher Richard Buckminster Fuller, who was known for his designs featuring distinctive interlocking triangles in a geodesic dome.

Lucius Cary, a director of the Oxford Technology SEIS fund, previously told the Telegraph that there would be 'lots of applications for this technology', although the driving-related one was the logical first step.

"The most obvious is in controlling autonomous vehicles," he said. "If two cars are coming towards each other on a country lane, knowing where they are to within 2m is not enough but to 1mm it is enough."

However, Dr Kyriakos Porfyrakis, who has been working on the substance since 2001, previously told the Telegraph: "It will take a few years to finalise this research project.

"If there will be a final product, it should be miniature enough to go into portable devices."