Did you know that elevators were one of the main reasons that limited the height of a building? Apparently, elevators are only allowed a maximum travel distance of 500 meters. However, a brand new lift technology developed by Kone, a Finland-based elevator and escalator manufacturing giant, will now enable lifts to speed up to double the current distance, according to several media reports.

Kone has developed a new kind of elevator rope that it calls the "Ultrarope". The new rope nullifies all the disadvantages of a traditional steel rope used in elevators. The steel rope's weight slows the speed of the lift and also limits the weight accommodated in it. The energy consumption is also high when a steel rope is used.

Ultrarope is made of a carbon fiber core, which is lightweight and has a unique high friction coating enabling it to move freely and swiftly. The lifespan of Ultrarope is also twice that of the steel rope. Maintenance of Ultrarope is almost nil as no lubrication is required. It is also environment friendly, reports The Times of India.

Check out a video of the Ultrarope below:

"We are proud to introduce this innovation that we are certain will revolutionize the elevator industry for the tallest segment of buildings across the globe," Matti Alahuhta, CEO and president of Kone said to Fristpost.com.

"This is finally a breakthrough on one of the 'holy grail' limiting factors of tall buildings - that is, the height to which a single elevator could operate before the weight of the steel rope becomes unsupportable over that height (approximately 500 meters). So it is not an exaggeration to say that this is revolutionary," Antony Wood, architect and executive director, Council for Tall Buildings and Urban Habitat, added.

Only if the technology had been introduced a few years earlier, the Burj Khalifa would have been a taller building. Currently, the tallest structure of the world, it is around 828 meters high. The building has 57 elevators that ferry people through its 163 floors. The lifts travel a maximum height of 504 meters and are said to be the world's third-fastest elevators.

Check out the world's fastest elevators, here.