1. Introduction

The purpose of this report is to analyse the nanotechnology and the possibilities of its implementation and its limitation. This report mainly concentrates on the application of the technology in various sectors and finally looks in to the potential risk that the nanotechnology could cause to the environment and economy. The Nanotechnology is relatively recent area of scientific development and can be defined as “engineering at a very small scale” (Institute of Nanotechnology, 2007). This technology creates opportunity to develop the product that are smaller, cheaper, lighter and faster and these product consume less energy and use less raw materials. This technology is used from simple commercial products to complex scientific products (Institute of Nanotechnology, 2007).

2. Technology Overview

The nanotechnology involves physics, chemistry, Biology, material science and the many range of engineering disciplines. The nanotechnology uses both the aspect of science and the technology of the emerging field. This nanotechnology understands the physical, chemical and biological property of the atom and manipulates these properties on a controlled environment to create a functional system that have unique capabilities (Picraux, 2009).
The Nanotechnology is the technology where the objects or the products are manufactured with atomic precession exactly atom by atom. This technology has the tremendous potential and it can create new and powerful materials and it can be used as a tool to manipulate objects to any scale. This could involve in the production of the more advanced application such as Nanocomputer and Nanodevices that would able to interact with our surroundings (Sandberg, 2000).
3. Application of Nanotechnology
The Nanotechnology has undergone lot of development over the last decade and millions of new product has been introduced in many sectors. The nanotechnology offers platform for creating new feature and functions and because