How Nanotechnology Will Affect the Future Economy - Essay Example

?How Na chnology will Affect the Future Economy Nano technology will revolutionize every aspect of the futureeconomy ranging from the simple individual processes, national to international activities. The future economy will be highly dependent on this technology basing on the current developments in this field. Its effects will be felt in information and technology, energy, aerospace and defense, agriculture and food, construction, transport, the environment, textiles, water packaging and the medical industry. Nanotechnology impacts on the future cannot be overemphasized as they have far reaching implications for all any sector of the economy. Nanotechnology will drive economic prosperity and will be an enabling factor in shaping productivity and global competitiveness (JEC, 2011). The information technology and the telecommunication sector will be greatly shaped by nanotechnology in the near future. We are bound to witness new computers based on quantum computing, these are not only faster in terms of data processing but are computers that can perform complex operations similar to those done by supercomputers. We are also bound to see faster and smaller telecom switches that will include optical switches. These are not only efficient but also highly cost effective and can be used for the mass populations without incurring huge costs of installation. The speed at which information will be transmitted will be high based on plasmonics and other quantum-level phenomena. This will mean high efficiency in terms of operations for individuals and organization because information will be readily available for decision making (Kaewkamnerdpong & Bentley, 2007). Another area that will be highly transformed is that of memory and storage such that the previous years so the use transistors but the trend is moving towards reconfigurable arrays that can be used to store large amounts of data in smaller spaces. As a result of nanotechnology we can expect the introduction of magnetic RAMs. Every nanobit of a memory device will be used in storing information. A look at the above elements in the field of information technology signifies faster, efficient, reliable systems that will be cost effective, avail information at the touch of a button and lead to improved productivity and decision making. This means improved economy as information is very important in any economy. Better decisions can be made easily, space can be highly utilized with large storage available and costs of operations are highly reduced therefore boosting the economy (Kaewkamnerdpong & Bentley, 2007). The New energy economy is proving to be highly dependent on nanotechnology and therefore playing a central role in the future economy. This can be seen in its emerging application to solar power, the generation of hydrogen, batteries, lighting systems and window glass coatings among others. Its application will see the adoption of renewable energy sources and increase energy efficiency (Luther, 2008). Solar photovoltaic electricity production is one area that nanotechnology is highly applied. These are used to generate electricity from solar panels used in homes that are far away from the main electricity grid. This kind of renewable energy is important in any economy as it reduces the dependence on other sources of energy such as oil and natural gas. It is highly cost effective and its continuous use could spell huge gains in the economy as funds can be used in the development of other areas of the economy. A second area of application is in hydrogen generation where it is said to become the dominant fuel in future economy as a result of its conversion into electricity in fuel cells (Elcock, 2007). Though the processes used in the conversion requires huge investments in nanotechnology the end results are beneficial owing to the fact that it is renewable and that water and other sources are available for its continuous production. The hydrogen energy will be used to power machines especially vehicles such as hydrogen powered buses that will greatly reduce the dependence on oil and hydroelectric power. The third application is in batteries especially the rechargeable batteries such as the Lithium based batteries. The fourth is in the transformation of primary energy such as oil and gas. They can be transformed easily into heat, electricity or mechanical power through nanotechnology. The drive towards renewable sources of energy is a big boost to the economy. The high dependence on primary fuels is highly reduced and energy can be generated from almost any matter. This means high productivity, efficiency and improved delivery of services that will contribute a great deal to the future economy. Another aspect is the smart delivery systems where (Elcock, 2007) The Agricultural sector has begun experiencing the impacts of nanotechnology although on a small scale but the future is vast with lots of potential. Its application has been theoretical but its effects on the agricultural economy are being felt slowly and in the near future they will be great. It will transform the entire agricultural industry changing the way food is produced, processed, packaged, transported and consumed. This in turn will have a big impact on the economy such that there will be food security especially in the developing nations that are faced with constant droughts and death as a result of poor farming methods and poor disease control mechanisms (Sozer & Kokini, 2009). A country by addressing the food security issue is set to make huge steps in the economy because resources can be channeled to other areas that will help in the improvement of the economy. Food production will be guided by precision farming that is aimed at maximizing output and minimizing inputs (fertilizers, pesticides and herbicides). This will be guided by computer technology including global positioning systems and remote sensing devices to determine soil conditions, plant development seeding etc. Nanotechnology will be employed in the remote sensing devices. Smart delivery systems will employ nanoscale devices that can be used to identify plant issues, deliver chemicals in a controlled manner and respond to changes in the environment (Sozer & Kokini, 2009). Agriculture is the backbone of many developing countries. It is at the center of their economy such that they are highly dependent on it to facilitate their operations. Nanotechnology will change the ways things are done in the agricultural sector that will lead to increased yields that will lead to a sustained economy. Food production processing and packaging will be highly improved with food products having a longer shelf life as a result of the application of nanotechnology (Tiju & Morrison, 2006). This means that the economy will grow and the countries can focus on other areas of development that are lacking. Developing worlds on the other hand will have a surplus of food that can in turn be used to supplement other areas of the world that are still developing. This will improve the world economy because the problem of food security will have been solved (Tiju & Morrison, 2006). Medicine is a field that has experienced the effects of nanotechnology for a long period, though advances are still being made every day. Its continued application and refinement has led to better methods of disease detection and control, rehabilitation and therapy, improved surgical procedures and processes, pharmaceutical development and drug delivery, tissue engineering diagnostics, among others. The applications of nanotechnology in medicine will in the future improve the economy through improved health care (Silva, 2004). Such systems as drug delivery systems will allow site directed application of drugs, there will be novel drugs that will be used in the treatment of various ailments and diseases such as cancer, cardiovascular diseases and neurodegenerative disease. Microarrays will also allow more precise and earlier diagnosis that will help in initiating treatment before a disease becomes clinically apparent and this will go a long way in altering the curative medicine into preventive medicine (Jameson, 2007). This means improved health care along with reduced expenditure on drugs and this will impact greatly on the economy. Though healthcare will be improved it is difficult to gauge if the costs will be reduced. The costs involved especially in transplants and other products may be expensive and thus affect the economy negatively because people may not be able to afford such treatment. This means that only a few people will benefit from such technology. On the other hand it will strain government spending that may lead to increased health care costs (Silva, 2004). Nanotechnology will also affect the transport sector in a variety of ways changing the way cars are made, how tires are designed and what types of fuels will be used. In turn the impact on the economy will be felt in terms of reduction in the amount of energy used in transportation (Elcock, 2007). Another effect on the economy will come in terms of improved efficiency that will come with the automation of vehicles using nanotechnology. Fast, efficient transport systems are an essential part of any country’s economy. They help in the delivery of goods and persons in time that contribute greatly to increased productivity and higher performance. The future economy is highly dependent on transportation and the difference will be in how fast and efficient a particular means of transport is in order to save costs in organizations and the country as a whole. The issue of safety in transportation will also be tackled especially through the use of tires that reduce skidding. All this will go a long way in contributing to the economy (Davis, 2009). References Davis, C. (2009, April). Oversight of Next Generation Nanotechnology. Retrieved November 13, 2011, from Woodrow Wilson International centre for scholars: http://www.nanotechproject.org/process/assets/files/7316/pen-18.pdf Elcock, D. (2007). Potential Impacts of Nanotechnology on Energy Transmission Application and Needs. Argonne, Illinois: Argonne National Laborator. Jameson, J. (2007, January 7). Nanotechnology: Application in medicine and possible Side-Effects. Retrieved November 13, 2011, from http://faculty.kfupm.edu.sa/MATH/sdkhan/ARCHIVE/nanotech-214.pdf JEC. (2011, March). Nanotechnology:The Future is Coming Sooner Than You Think. Retrieved November 13, 2011, from The Joint Economic Committee Study: http://www.house.gov/jec/publications/110/nanotechnology_03-22-07.pdf Kaewkamnerdpong, B., & Bentley, P. J. (2007). Computer Science for Nanotechnology: Needs and Opportunities. Retrieved November 13, 2011, from University College London: http://www.cs.ucl.ac.uk/staff/b.kaewkamnerdpong/bkpb-ipmm05.pdf Luther, W. (2008). Appliations of Nanotechnologies in the Energy Sector. Wiesbaden, German: Hessen Agentur GmbH. Silva, G. A. (2004). Introduction to Nantechnology and its applications to Medicine. Surg Neurol, 61:216-220. Sozer, N., & Kokini, J. L. (2009). Nanotechnology and its applications in the food sector. Trends In Biotechnology, 27(2):82-89. Tiju, J., & Morrison, M. (2006, May). Nanotechnology in Agriculture and Food. Retrieved November 13, 2011, from Nanoforum organization: http://www.nanoforum.org/dateien/temp/nanotechnology%20in%20agriculture%20and%20food.pdf Read More