Our technology has now reached a point where the idea to more or less arbitrarily arrange the elements to create materials ranging from nanomachines to food is beginning to seem achievable. In 1959, Feynman translated the goals of alchemy into more modern terms, proposing that we miniaturize our tools for observing and manipulating matter until atomic precision is reached. In 1991, Drexler coined the term molecular nanotechnology referring to thorough, inexpensive control of the structure of matter. In the last decade, the concept of nanotechnology has been accepted by the scientific community and numerous organizations have been formed.

Unlike alchemy, nanotechnology is based on a more modern model of matter. Nanotechnology does not try to transmute elements as it is far cheaper to extract and purify elements or molecules from existing materials. Arranging the atoms in a material to get the desired elements where we want them is a far more economical approach but still requires significant effort and cooperation. Thus, nanotechnology is an interdisciplinary subject drawing from biology, chemistry, physics, engineering and computer science, to name a few. Each discipline contains an important piece of the puzzle, and as the puzzle is assembled we are witnessing remarkable advancements in our ability to economically control the structure of matter.

The latest examples include molecular imprinting, single molecule detection, gene chips and better sunscreens. However, with nanotechnology just now beginning, what might result is still a matter of imagination. For instance, the Drexlerian nanotech community is looking forward to a future where a nanorobotic assembler could be programmed to build just about any stable arrangement of atoms, including more assemblers. Others imagine quantum computers or long term life extension. Only time will tell whether these dreams will be realized or face the same fate as the philosopher's stone and the elixir of life. Regardless of whether the ultimate goal of atomic precision is reached, novel materials, methods and models are resulting from this second attempt at alchemy.