Nanotechnology refers to the control and manipulation of matter at the atomic and molecular scale. It involves working with structures sized between 1 to 100 nanometers in order to create new materials and devices. Some key applications of nanotechnology include nanomedicine, where nanoparticles are used for drug delivery and imaging, and nanoelectronics, where nanomaterials like carbon nanotubes are used to build smaller computer chips and circuits. While nanotechnology promises advantages like more powerful and efficient electronics and materials, it also faces challenges regarding environmental and health impacts that need further study.