As crazy it may sound but Japanese company, NS-ELEX has developed a device called e-Mimi-kun (good ear boy) which works as an earphone and a microphone by detecting air vibrations inside the ear. When connected with the phone, the earphone reduces the exterior voice by 6 times while the chip developed by Sanyo helps to reduce noise 10 times further.
The availability and pricing of the device is not known but we assume it will be sold within Japanese boundaries only.
Company Page [Japanese]
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