Hi, I want you to know that this was just a suggestion, and I am not about to get into a theory war.  This was turned on to me along time ago, and I still work on it. It changed my view of the fretboard. And it is something that you may or may not know by another name. And it is much deeper than my SIMPLE direct definition here. 
 Definition of 60 chord system:
  There are ONLY 5 qualities of chords. The sixty chord system requires extending all     triads to a seventh. Hence:
  (1)MAJ7  (2)MIN7 (3)DOM7 (4)Half DIMINISHED(MIN7b5)  (5)DIMINISHED(MINbb7b5)
   5 qualitys x 12 keys= 60 chords.   Everything else is either an extention or alteration    of these qualitys.  IF you learn every quality, in every key, with all 4 inversions, at
   every location on the neck, you will have explored the 60 chord system. As you will      learn, one inversion can be another quality with extentions or alterations in another     key. This should keep your mind occupied for long enough to start seeing the              relationships.  If you just want to learn blues licks, and copy solos, ignore this.
   If you want to be a better musician, this is a good place to start. And actually, if you     will learn the scale tone 7th chords in every key, that is 4/5ths of the system. 
   Hope this leads you to the next plateau. If you want a complete explaination, look for 
   Bill Evans Jazz Improvisation book(actually more than 1 book.) It is VERY          comprehensive. To hear the use of this system in guitar solos, in contemporary           fusion jazz,  look for an album by Chick Corea, called Return to Forever. The             guitarists name is Bill Conners. He is the one that led me to it, by another route.
   Thank god. Or I would still be in a rut. This is a road map out of the rut.
   And BTW, I don't pretend to be an expert on this subject, just a student myself.
   To each his own. All I know is it has helped me become a better musician. Every
   time I have tried to turn people on to this, I get the same response. ? Ditto.
   Then the flames begin. I will not do it here. Either you want to learn, or don't, 
   simple as that, I don't care. Many of you may be BEYOND this. Then ignore it.
   The rock and roll world is full of "musicians" who have. Please do not take offence
   at that. I am only trying to help. You asked. I answered. But remember this, if you       want to play your whole life, and don't want to be playing rock and roll blues licks
   when your 50 or 60, I suggest you start now. My 2 cents.
fitz
 