How Will Nanotechnology Affect The Future Economy Term Paper

How Will Nanotechnology Affect The Future Economy - Term Paper Example 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 (Kaew kamnerdpong & 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 d ependent 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