This year's Nobel Prize in Chemistry has been jointly awarded to Emmanuelle Charpentier and Jennifer A. Doudna for their discovery of "one of gene technology's sharpest tools: The CRISPR/Cas9 genetic scissors".

The Royal Swedish Academy of Sciences, which announced the recipients of the 10 million Swedish crown ($1.1 million) prize on Wednesday in Stockholm, said that the technology which allows for precise alterations to the genetic code of organisms has already had a "revolutionary impact on the life sciences" and "may make the dream of curing inherited diseases come true".

French microbiologist Emmanuelle Charpentier unexpectedly discovered what would form the basis of the technology within the immune system of Streptococcus pyogenes, one of the bacteria that cause the most harm to humanity, when she noticed that a molecule in its immune system was capable of disarming viruses by slicing up their DNA.

After publishing her findings in 2011, Charpentier went on to collaborate with US biochemist Jennifer A. Doudna. Together, they were able to recreate the bacteria's genetic scissors in the lab, simplifying the molecular components so they were easier to use.

Capable of making cuts and alterations to DNA at a specific and predetermined site, CRISPR/Cas9 has emerged as an extremely powerful tool across many fields.

New cancer therapies

Using the technology, scientists have developed crops capable of withstanding drought and disease, and clinical trials for new cancer therapies are ongoing.

"These genetic scissors have taken the life sciences into a new epoch and, in many ways, are bringing the greatest benefit to humankind," the Royal Swedish Academy of Sciences said in its statement.

The chemistry prize is the third of the Nobel prizes to be handed out this year.

The Nobel Prize in Physiology or Medicine was awarded to Michael Houghton, Harvey J. Alter and Charles M. Rice on Monday for their roles in the discovery of the hepatitis C virus.

And the Nobel Prize in Physics was awarded to Roger Penrose, Reinhard Genzel and Andrea Ghez on Tuesday for their research into black holes.

The recipients of the prizes for outstanding work in the fields of literature, economics and peace will be announced over the next five days.

On Tuesday, the Nobel Prize in Physics was awarded to Roger Penrose, Reinhard Genzel, and Andrea Ghez for their research into black holes.

And on Monday, the Nobel Prize in Physiology or Medicine was given to Michael Houghton, Harvey J. Alter, and Charles M. Rice, who played central roles in the discovery of the hepatitis C virus.

Agencies via Xinhua contributed to this story.