While there is considerable hype with regard to this new technology, so are the concerns with its perceived risks to environment and human health. No wonder, the government has stepped in by deciding to put in place a regulatory body. The yet-to-be-set up watchdog will undertake a detailed examination of all new nanotech devices—across product categories such as toys and baby products, consumer durables, sports equipment, clothing, electronics and computers—before they are commercially marketed. As nanotechnology is also being used for medicine and health, policy makers in the government insist that the tech must be used safely and there should be greater awareness about nanotech products—something which the nanotech watchdog will do.
But will the government move to set up a watchdog bring about a change in the way this revolutionary technology is perceived? Will the fears surrounding it be dispelled and will it spur the industry to move quickly towards commercialisation? According to the US National Science Foundation, the nanotech market would be approximately $1 trillion worldwide