Nanotechnology Social Problems

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Nanotechnology in Social Problems :
There are high expectations that nanotechnology solves a bunch of social problems from the collapse of birth rate in advanced nations to global warming, and currently incurable illnesses, such as cancer or AIDS. On the other hand, the obscurity of the form of future nanotechnology has bred some end-of-the-world scenarios. The most famous one is known as “Grey goo” which is a hypothetical end-of-the-world scenario involving molecular nanotechnology in which out-of-control self-replicating robots consume all matter on Earth while building more of themselves, a scenario known as ecophagy (“eating the environment”). Alternatively, the most dangerous outcome of molecular nanotechnology would be non-replicating
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Commercialisation of nanotechnology from research to economically viable product is particularly vulnerable to the “Valley of Death” point of commercialisation graph compared to any other technologies due to the reasons related to a product focus, market engagement, scale up and product development [4]. From a business perspective, the essential elements for the successful commercialization of a specifically directed nanotechnology include innovative products, market size, market potential, and the current economic scenario and accordingly, we have developed a model for successful nanotechnology commercialization process as shown in fig. 1 which include the various sequence of steps to develop standard…show more content…
By identifying new applications of existing nanotechnology products or by inventing new avenues of developing innovative products with the patent right, nanotechnology firms can follow blue ocean strategy.
(c) NT supports to develop new sustainable products for Green Ocean strategy players [18] by taking care of environmental degradation through NT research. The existing business firms can develop a strategy to improve the features of their products to make them environmental friendly which is the part of their corporate social responsibility. The new firms shall develop processes of manufacturing and the end products to be marketed as environmental friendly by erasing the carbon footprint using nanotechnology.
(d) Nanotechnology supports to develop new sustainable products for White Ocean strategy players [19] by strong collaboration and competition; address multi-stakeholders and responsible development by avoiding any unpredictable danger, threat and risk to living beings through NT
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