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According to research from Global Industry Analysts, by 2015, the nanotechnology market will be expected to exceed $30 billion. Can this huge sum be justified by the benefits that it will reap in the future? Whilst there are pertinent and more pressing problems like world hunger and poverty, should the governments and businesses be investing so much in nanotechnology?

 

Perhaps one line of argument for this is the fact that nanotechnology in the future, will consist of rearranging molecules from scratch in an extremely precise manner to form practically anything. To give an example of this, Graphite, Diamond and Carbon Nanotubes all are made out of Carbon but just with a different configuration. Hence, it is actually possible to build a machine that take particles from a waste material and rearrange them to form edible food, which might solve the problem of hunger and the shortage of food.

 

Social Impact

Be that as it may, as a common problem with implementing technology, it is highly possible that the extremely beneficial capabilities of nanotechnology may displace the jobs of many individuals and lead to an overall loss in happiness of the population. The fact that nanotechnology may be able to produce food may lead to the loss of jobs for those in the food production business. Since nanotechnology is also capable of producing almost any product, those involved in the assembly lines of the factory might also lose their jobs. As it can be seen, nanotechnology has the detrimental ability to displace the jobs of many which leads to the loss job security.

 

 

 

An even more extreme implication of nanotechnology would be the fear that citizens face with regards to terrorist attacks. Personal mini nanotechnology factories would allow for bombs and weapons of mass destruction to be easily made, of which terrorists and extremists would be able to have easy access to obtain weapons and inflict mass destruction onto the people.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nano-theorist Robert Freitas has designed a simple nanodevice, the respirocyte, that acts as an artificial red blood cell. It is made out of pure diamond. It works far more efficiently than a red blood cell, mostly thanks to the massive pressure that can be sustained within its rigid diamondoid shell. So efficient, in fact, that 5 cubic millimeters of respirocytes would be enough to replace all the red blood cells in your body, fulfilling the same functions with superior performance. If your blood were saturated with respirocytes, it would become possible for you to hold your breath underwater for many hours, or sprint at top speed for somewhere near 15 minutes. With nanotechnology, it will become possible to "overclock" the biological processes of any life form, including reproductive cycles. If a life form is injected with biocompatible nanomachines that are powered by bodily chemicals, self-replicate, and are passed from parents to offspring, then we (and the environment) could have major problems.

 

Based on surveys conducted in Europe by Eurobarometer, results have shown that people who are familiar with nanotechnology most hold positive opinions of its potential of application in the medical and industrial areas. They recognize the possible enhancements and improvements made possible by nanotechnology and hence more willing to embrace this new form of technology. There is a general optimism amongst people in the potential of nanotechnologies role in improving the standard of living.

 

 

However, given the potential within nano-technology, skeptics have raised social concerns of divide between developed and non-developed countries with regards to access to nanotechnology. It is true that developed countries stand to gain more from access to nanotechnology as they have the capability to invest in developments and are in greater position to reap those benefits as compared to less developed countries. As less developed countries do not possess the financial ability to fund research in nanotechnology, they stand to lose out in tapping on to the merits of nanotechnology. This tilts the scale in favor of developed countries and potentially promotes a greater inequality between the developed and less-developed countries. Hence, highlighting the ethical barriers that hinder the growth of nanotechnology on a global scale.

 

The benefits of nanotechnology are huge. However like any other new technology, it must withstand the baptism of fire and be balanced with the personal interests of society. If nanotechnology is placed in the wrong hands, the amount of destruction it is capable of is horrific. Conversely, placed in the right hands, the societal benefits it reaps will be extraordinary

 

 

 

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