Nanotechnology - Term Paper Example

On the other hand, Eric Drexler, the founder of Foresight Nanotech Institute introduced to the world the term “nanotechnology in 1986, and used it to describe the bottom up approach. In contrary to Taniguchi, Drexler looked at nanotechnology from the perspective of a physicist. He referred to nanotechnology as a large scale mechanosynthesis that is founded on the positional control of molecules that are chemically reactive. The founders of nanotechnology anticipate that, in the future, the term will probably include building mechanisms and machines with nano-scale dimensions, also referred to as the Molecular Nanotechnology (MNT) (Cutcliffe 81).

According to McGinn (2010), nanotechnology has emerged due to the advent of modern technological trends used for creating more comfort for the mankind. This technology will totally refurbish the way in which electronic and digital devices operate (McGinn 116). The concept of nanotechnology is based on further reduction of the size of transistors and that of electronic circuitry that would enable working at the molecular level. Its implementation would not be limited to the field of technology and science, rather medicine, construction and other sciences would equally benefit from it (Ghattas 271).

Nanotechnology is being made into it to introduce and transfer it from laboratory to markets due to its productivity; this has caught attention worldwide research as well as investment. Nanotechnology has gathered a lot of attention across the world, and rapid investments are being made into it. Some of the likely benefits include; the reduction in size, the speed of processing, capability to access further small elements and running the electronic circuits, processors, machines at a more brisk pace (Cutcliffe 90).

The problem to be addressed in the proposed study is since 2000, the U.S. Government has spent more than $15.6 billion in advancing the nanotechnology industry; however, research is not progressing at an effective and efficient rate because a roadmap for nanotechnology research to move technology from the laboratory into the marketplace has not been established (Waldron 6292). From FY2001 through FY2012, the federal government invested in nanoscale science, engineering, and technology through the U.S. National Nanotechnology Initiative (NNI).

Because of this focus and these investments, the U.S. has emerged as a global leader in nanotechnology. Further, nanotechnology is multiplying its applicability exponentially (Roberts, 2011). However, competition for global leadership in nanotechnology is escalating as nations and organizations worldwide increase investments in nanotechnology implementation (Waldron 6293). Maintaining U.S. leadership poses a technical, economic, and policy challenge for effective technology transfer to the private sector.

Continued lack of attention to this concern will make it difficult for the U.S. to maintain its leadership role in the commercialization of nanotechnology. While the future of nanotechnology is promising and shows remarkable profitability for private industry, it is still a new practical science, and consequently it can be a high-risk and unpredictable commercial endeavor (Waldron, 6294). After 12 years and over $15 billion in research funds, the applications of nanotechnology appears to advance rapidly in research, yet slowly to being put in commercial practice in the United States (Holley 9).

The idea of nanotechnology has