The Internet Corporation for Assigned Names and Numbers (ICANN) has approved the expansion of domain names to include virtually anything as a domain suffix instead of the current 22.

The move is believed to be the biggest change of the Domain Name System since its inception in the 1980s.

The new system will expand popular domains such as .com, .net and .org to include new brand, generic and geographic domain name extensions. It would be possible to have domain names such as .london, .writer. and .hotel.

New domain suffixes would also include Arabic, Chinese, Spanish and other scripts.

The latest move by the organisation that regulates the Internet address system could lead to a drastic change of the Web world, from easy identification to a market rush. Businesses would have to buy domains similar to their brand names before others do.

However, the application fee for a new domain name suffix is priced at a steep $185,000. Wimners will have to pay an annual fee of $25,000 as well.

Moreover, applications from individuals or sole proprietorships will not be considered and only established corporations, organisations, or institutions in good standing may apply for a new generic top-level-domain (gTLD), according to rules.

There are over 300 suffixes available today, with a majority of them based on country codes. In 2000 ICANN approved seven new domains including .biz. This March, the regulatory body approved .xxx, an exclusive domain suffix for websites containing adult content.

The move to go for the biggest ever expansion of domain suffix was ratified by the ICANN board at its 41st international convention in Singapore on Monday. The board voted 18 to 3 in favour of the new expansion. ICANN will accept applications for gTLD for three months starting 12 January 2012.

ICANN president and chief executive officer Rod Beckstrom told the BBC that the regulatory body has opened the Internet’s addressing system to the limitless possibilities of the human imagination.

"No one can predict where this historic decision will take us," Beckstrom said.