The rapid pace of technology and the advancement of scientific understanding in the past one hundred years have been the backbone for the twenty first century. Such rapid advancement in technology has opened up a world of possibilities
for the future. One hundred years ago the possibility of simply flying from city to city may have seemed nothing more than a distant dream to most, while a mere sixty years later the impossible was achieved -- a human being was put on the moon.
This has been possible only due to convergence of technology. It is only through convergence of technology that areas like nanotechnology, Information & Communication technology, biotechnology etc. have emerged as major areas of development.
Any discussion on Convergence of technology cannot be complete without the mention of biotechnology and nanotechnology. Nanotechnology is an umbrella term that covers many areas of research dealing with objects that are measured in nanometers. America alone has invested more than $500 million in research on nanotechnology. In the next 50 years, machines will get increasingly smaller -- so small that thousands of these tiny machines would fit into a dot at the end of a sentence. Within a few decades, we will use these nanomachines to manufacture consumer goods at the molecular level, piecing together one atom or molecule at a time to make baseballs, telephones and cars. In the computer industry, the ability to shrink the size of transistors on silicon microprocessors will soon reach its limits with the help of nanotechnology.
Nanotechnology has the potential to have a positive effect on the environment. For instance, airborne nanorobots could be programmed to rebuild the thinning ozone layer. Contaminants could be automatically removed from water sources, and oil spills could be cleaned up instantly. Our dependence on non-renewable resources would diminish with nanotechnology.
In the area of biotechnology, Genetic studies have come a long way in helping mankind, find solutions to everyday problems. Stem cell research is one such example. Another example is robotics. We know that robots are now being used in conducting surgeries. Robotics has endless uses in various other industries also. Further, Nanotechnology may have its biggest impact on the medical industry. Patients will drink fluids containing nanorobots programmed to attack and reconstruct the molecular structure of cancer cells and viruses to make them harmless. There's even speculation that nanorobots could slow or reverse the aging process, and life expectancy could increase significantly.
The rapid growth of electronic and computer business has been evident as the convergence of technology and the way it has affected the daily life of an individual. Tele-medicine is a great example of this kind of meeting of technologies where the knowledge of all experts in the field of medicine is shared mutually across the globe for the benefit of patients all over the world through information and communication technology.
Computers play an important role in this modern society. They have been applied to industry, agriculture, political affairs, economy, military, science and many other fields; and control a great deal of our living environment. The age of electronics and more precisely computers has caused a huge impact on the way we do business today.
Communication is an example of one of these business processes that have grown with the computer. The global market has created the need for fast communications over a great distance. Teleconferencing and e-mail are two excellent examples of technologies that have met the needs of fast communication and long distances.
In today's push-button world, the expression "the world is getting smaller everyday" could not be truer. Technology has shrunk distances and differences, and even brought down many cultural barriers.
As far as transportation is concerned man has come a long way from horses and coal driven trains. The latest to hit the world are hybrid vehicles, which are becoming very popular in the west and have yet to find their way to India. Use of hybrid vehicles was revived by concern about oil dependency and air pollution. These are vehicles that run on power as well as fuel. Even in the aviation industry wireless power will soon be used to fly aircrafts. An airplane consumes 50% of its fuel during take-off and 25% of that fuel is used on the runway itself. Instead of using fuel, electric power could wirelessly propel an airplane. Think how much fuel can be saved with the use of this technology and pollution can also be brought down considerably.
Researchers in Britain have developed a technology that will be able to harness your heartbeat to power your cellphone. By introducing nanotechnology, goods could be produced and distributed locally, limiting the amount of worldwide transport that takes place annually.
America has plans to produce all its electricity by solar generation in the space to keep the environment clean at no running cost & transmitting it to earth by picro wave technology by the year 2024.
The very latest in convergence of technology is ‘Haptic Technology’ also called touch screen technology. We have seen its use in railway stations already as also in mobile phone technology. It has also been used in a variety of civil and military simulators, and HP has just launched a 19” touch-sensitive screen for all its functions of a PC. The possibilities are unlimited.
Technology is science applied to practical purposes. Nowadays, when the rapidness of development and research is so impressive, it is easy to think about the advantages of modern technology. Nevertheless some people argue that science can destroy mankind. It is also obvious that we are close on an era where technology is limited only by our imagination. Therefore the most frequently asked question is: Does technology go the right way and will it save or ruin our civilization?
It can be argued that modern technology makes life easier and more dignified for most people. The first and the major advantage is that medical science is very progressive and vastly available. Without the needed technology a lot of people would struggle with their health.
Many argue that as we venture further into the frontier of technology we proceed with a slow death of society, by losing culture and ultimately a sense of self. To a certain extent this may be true, but realistically if we cease to progress we wont be able to survive. Through technology life may be faster but it is also easier. Diseases could have become epidemics, but for technology.
Technological convergence is a key element in the world today. Each field contributes something to the other for a common good of the mankind. Since technology has brought so much change, the next twenty-five years should be entirely incomprehensible to us. Who knows what to expect?
Valuers will face a new challenge in the coming years. With advancement of technology and expansion of newer fields, we will have to gear up to face these challenges. We will need to update our knowledge keeping in mind the valuation aspect.
