The University of Guelph developed a technique called DNA barcoding that can identify species. They intend to catalog the world's estimated 10 million species via this technique.

This is cool stuff, given that when I was studying biology in high school and university, identifying a species and putting it in a place in the taxonomy involved morphology and anatomy, and nothing more. Very similar to what Linnaeus did in the 18th century.

Now there is a more accurate way!

CBC: World's first centre for rapid DNA species identification opens in Guelph.