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Nanotechnology is often described as an emerging technology—one that not only holds promise for society, but also is capable of revolutionizing our approaches to common problems. Nanotechnology is not a completely new field; however, it is only recently that discoveries in this field have advanced so far as to warrant examination of their impact upon the world around us.The value of nanomaterials in many technology areas is very high because of their versatile properties. As a result, the investment in nanotechnology by the U.S. government has had a very steady growth; in 2004 investment from a range of different federal agencies
reached nearly $1 billion, noted Kenneth Olden, National Institute of Environmental Health Sciences. Industrial investment in this area is also growing steadily. Today some nanomaterials are already being used commercially. For example, some companies are using TiO2 nanoparticles in sunscreen lotions because they provide transparency to a sunscreen, and are believed to be less toxic than the organic molecules currently used as UV absorbers in many sunscreen formulations.

Nanomaterials can also be found in sporting equipment, clothing, and telecommunication infrastructure. The future of nanotechnology is boundless, according to some speakers. Some of the items that exist today were a topic of science fiction a decade ago and have the potential to transform our society very quickly, said Douglas Mulhall, author of Our Molecular Future.Nanoparticles fall into three major groups: natural, incidental, and engineered, noted Vicki Colvin, Rice University. Naturally occurring nanomaterials such as volcanic ash, ocean spray, magnetotactic bacteria, mineral composites and others exist in our environment.
Incidental nanoparticles, also refered to as waste particles, are produced as a result of some industrial processes.

The third category of nanoparticles is engineered nanoparticles—these are the particles associated with nanotechnology. Engineered nanoparticles are subclassified by the type of basic material and/or use: metals, semiconductoris, metal oxides, nanoclays, nanotubules, and quantum dots. Within each category the shapes, sizes, and surface coatings further determine structure and function of these molecules. Each such material has been specifically designed for function, such as the fullerene C60, which is used for fuel cell applications. Very little is known about engineered nanoparticles and how they interact with cells or human organisms, noted Colvin.

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