By 2013 this technology could result in about 7 TB HDDs being introduced for near-line storage applications.
But according to Hayes the potential for misuse of this technology could have dire consequences for the human race.
In fact, this technology could one day make expressions that refer to cash at all, like "saving a bundle, " obsolete.
Civil-liberties activists are concerned about how this technology could be abused.
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This means that flash memory devices using this technology could have storage capacities of over 200 GB for the price of 64 GB today, by about 2016.
Complex but publicly available encryption could also be used, but using this technology could draw attention - rendering regular message boards and groups a safer way of operating.
And this technology could have applications beyond racecars.
It says there is a huge risk that this technology could be misused and lead to clinics where future parents could select the skin and hair color, height, and many other characteristics of their child.
In a talk with this reporter, Elton says that his company is in discussions with all the major oil companies and that this technology could become mainstream in five years, although others peg that at 20 years.
Nearly 400, 000 arthroscopic surgeries are done each year to remove damaged cartilage from knees, which with this new technology could be replaced instead of just removed.
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He realized that this same technology could be used to measure and track vodka, gin and whisky just as easily as motor oils and brake fluid.
"We are curious whether this new technology could infringe on the privacy of the average American, " says the letter from the Congressional privacy caucus which, in the past, has quizzed many tech companies on what they do with the data they gather.
And these folks, they potentially could market not just here in the United States, but this is a technology that could end up being sent all around the world.
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At some point this migration will accelerate as this technology is widely embraced and this could occur in the near future.
Depending on the creativity of the teacher, technology like this could be used to either automate old-fashioned testing or innovate with new ways for learning, sharing and evaluation.
Wow, what could this technology be?
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Some opponents were concerned that ordinary Americans could use this technology to engage in criminal activities undetected by the government.
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By allowing us to "see" around a corner, for example, this technology added to our cars could let us know if there's another vehicle approaching around a blind curve.
The original team realized that introducing this technology into the commercial market could disrupt the status quo of traditional backup systems, which restore failed servers over a day or more.
Other airlines could adopt this technology and use it to let passengers provide feedback on their own flight experience while in the air, which is easier than asking a traveller to do it on their computer once they get home.
Bendable screens could make technology more wearable (just think of what this could do for the iPod Nano).
For this reason Bitcoin or a similar technology could threaten the power of not just central banks, but banks, period.
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Could we see this technology in the PlayStation 4 via a PlayStation Eye or evolution of the Move motion controller?
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"This could be the enabling technology, " says Accenture partner Jamie Hintlian.
They would be a block against invasion, and the Aegis missile technology on this class of destroyer could someday be upgraded to a missile defense system.
Thus it might prove more expedient to invest in this at least tried technology, which could extend the useful lifetime of nuclear power by hundreds of years.
This could allow substantial innovation, but also has the risk that technology standards could be undermined.
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But this technology, like others before it, could help us to do more than just shop better.
Merriman Capital analyst Eric Wold this morning suggests the 3D movie technology company could be a potential strategic acquisition or go-private candidate.
Putting the current buzz aside, how far could this human-powered technology develop?
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