Issue link: https://industrialmanagement.epubxp.com/i/285723
march/april 2014 21 These products, cheaper to buy and to produce, have the potential to raise living standards around the world. Nanotechnological developments also could lead to a cleaner environment. The ability to create filtration systems at a molecularly precise level would improve purification of wastewater and gas from fossil fuels. Research is being done to develop nanotechnological components that break down toxic waste and to come up with catalysts that decompose pollutants. Energy experts think that nanotech- nology might help to reduce trans- mission losses by equipping the electricity grid with superconducting cable. More efficient light-emitting diodes could replace wasteful incan- descent and fluorescent lighting. Engineering materials that consume large quantities of energy during the manufacturing process, such as steel, aluminum and titanium, could be replaced by resilient nanocomposites and carbon nanotubes. Scientists also hope that advances in molecular manufacturing will develop solar power into a cost-effective energy solution. Already, nanowires are having a dramatic impact on the efficiency of solar energy. Without a doubt, the next two decades will see more sophisticated uses of nanotechnology and better integration. While it's hard to predict the commercial impacts of nanotechnology, consumer products, health products, chemicals and electronics will be among the most affected. And despite many challenges, nanotechnology's eventual wide spread into materials seems inevitable. Scientists will learn how to assemble atoms with stable structures predictably and profitably, and nanotech applications will take off. They will turn it over to engineers who will develop prototypes and expertise that can be transferred to the manufacturing foremen and the marketers. Properly calibrating the risks Yet, as with all new technologies, nanotechnology must be developed and implemented with proper risk assessment and regulation. Despite significant breakthroughs in nanotech- nology and its much-touted potential application in biomedical and materials sciences, questions still remain in the scientific community about whether nanotechnology will present unique health and environmental dangers. In fact, the U.S. Environmental Protection Agency's National Center for Environ- mental Research funded $4 million to 12 universities for the purpose of inves- tigating potential health and environ- mental impacts of nanomaterials. The incredible diversity of nanopar- ticles complicates the data-gathering process. Essentially, anything can be made nanoscale, and all materials will not be as safe as water. Determination of safe and not safe will need to be made on the specific basis of the material and the application. Like all brand new technologies, there are potential negative repercussions that have to be analyzed carefully. At the forefront of this will, of course, be the insurance companies that want to make sure certain elements of nanotechnology do not become the next crisis. Nonetheless, accidents caused by careless research and development can be avoided through the implementation of appropriate safety guidelines in both the public and private sectors. Public education and government-sponsored discourse remain critical to the successful emergence of new nanotech applications. Such dialogue will result in improved regulation, safety enforcement and wider public support for new products and processes utilizing the technology. Given the potential for nanotech- nology to improve the manufacture, sale and transport of goods and services, business leaders should spearhead efforts to mainstream and employ this technology as it develops. But before investors get out their checkbooks, they need to be aware that it could be years before we see the full effects of the industry and resolve many of its compli- cations. And, as with most new technol- ogies, the resolutions will owe much to trial, error and a good dose of luck. v Research is being done to develop nanotechnological components that break down toxic waste. IM MarApr 2014.indd 21 3/24/14 12:13 PM