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 weapons which are easier to build.
Nanotechnology and Corporate business strategy
(a) Nanotechnology gives the competitive advantage for Red Ocean strategy players [16] by improving their product features using NT research. Since nanotechnology products are comparatively new and rarely available in the market, the competition is proportionately less.
(b) Nanotechnology supports to develop new monopoly products for Blue Ocean strategy players [17] by inventing revolutionary new patented products using NT research. 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