Abstract: This paper first of all presents the introduction to Nanotechnology, which is the engineering of tiny machines. The revised versions of this term also have been described in brief. This technology represents the state of art in advances in biology, physics, chemistry, computer science, engineering and mathematics. The major research objectives in this technology like design, modeling and fabrication of molecular devices are presented here under.

It offers better built, longer lasting, cleaner, safer, and smarter products for home, communications, medicine, transportation, agriculture, and industry in general. This technology will offer greatly improvised efficiency in almost all facets of life. It represents not only wonderful benefits for humanity but also grave risks.

In addition to this, we present the ethics, things that become practical with mature technology, specific design guidelines and development principles of this technology. The benefits, interdisciplinary ensemble and potential risks of Nanotechnology are emphasized. Assumptions and some specific recommendations intended to provide a basic for responsible development of Molecular Nanotechnology has been presented.

Devices and capabilities, which appear to be both physically possible and practically realizable, are given. Each aspect or consequences of molecular manufacturing is discussed. This is a revolutionary, transformative, powerful and potentially very dangerous or beneficial technology. The necessity to develop the laws in order to protect humanity from misuse of this technology is also stressed to avoid the risks at hand.

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