How Will Nanotechnology Affect The Future Economy Term Paper

How Will Nano engine room come across The Future Economy - Term Paper ExampleNanotechnology leave drive economic prosperity and impart be an enabling factor in shaping productivity and global competitiveness (JEC, 2011). The information technology and the telecommunication sector entrust be greatly shaped by nanotechnology in the near future. We ar bound to witness new computers based on quantum computing, these ar not only faster in terms of data processing but are computers that can perform complex operations alike(p) to those done by supercomputers. We are also bound to see faster and smaller telecom switches that impart include optical switches. These are not only efficient but also passing price effective and can be utilise for the mass populations without incurring huge costs of installation. The speed at which information testament be transmitted will be high based on plasmonics and another(prenominal) quantum-level phenomena. This will mean high efficiency in ter ms 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 impulsion is moving towards reconfigurable arrays that can be used to store large amounts of data in smaller quadruplets. As a result of nanotechnology we can expect the introduction of magnetic RAMs. Every nanobit of a memory twisting will be used in storing information. A look at the above elements in the domain of information technology signifies faster, efficient, reliable systems that will be cost effective, avail information at the touch modality of a button and lead to improved productivity and decision making. This means improved economy as information is very most-valuable in any economy. Better decisions can be made easily, space can be highly utilized with large storage available and c osts of operations are highly reduced therefore boosting the economy (Kaewkamnerdpong & Bentley, 2007). The New energy economy is proving to be highly babelike 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 electrical energy 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 developm ent of other areas of the economy. A second area of application is in hydrogen generation where it is said to become the dominant burn down in future economy as a result of its conversion into electricity in terminate cells (Elcock, 2007). Though the processes used in the conversion requires huge investments in nanotechnology the end results are beneficial owe 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