The news has been abuzz since President Barack Obama's executive action announcement last week, in which he ordered the Departments of Justice, Defense and Homeland Security to research "smart" guns and their viability. Obama reiterated his intention of "protecting our kids from gun violence" in Tuesday night's State of the Union address.

Proponents of gun regulations are hoping technology will finally contribute to some actionable difference in the gun control issue. The concept of a smart gun isn't new, but the technology has run through various controversies ever since it has been introduced.

Obama's directive to the leading law enforcement agencies to research and develop more viable ways to use this futuristic technology may well expedite the rollout that has long been stalled. The goal is to stem the rising statistics of gun-related violence that has rocked the nation in recent times.

The memo described the move as one that would not just reduce gun-related crimes but also accidental discharges, suicides and all other unauthorized use of firearms. The research should also focus on how this smart technology will help trace stolen or lost guns in the future.

The smart gun industry feels this is one of the biggest breakthroughs in recent times, not just for the firearms business but for the technology sector as well. From tech startups to the big gun makers and ultimately consumers, there are positive outcomes on the horizon for all.

When applied, this smart technology could take gun safety to a completely new level.

The idea behind smart guns is that only the authorized gun owner can fire them. Emerging research and development will be focusing on multiple ways in which the users can be authorized. These could range from wireless chips that are connected to rings or watches to fingerprints like the iPhone has today. In fact, deeper biometric scans could well be contemplated in the future, all focused at making guns more difficult to operate by those who don't own them.

These advances could make the guns safer to keep at home, with young children around who could accidentally come upon them. If the guns are stolen, they wouldn't be as easy to operate as they are now. Advocates of this technology say the federal government's sanction could go a long way to reducing gun violence in the nation.

Gun control advocates also think this will make gun manufacturers more responsible. They will now have powerful incentives to invest in the new technology and also have venture capitalists backing them, as well as smart gun startups with renewed fervor.

But the critics are not so sure. While the president compared unlocking phones with fingerprints to smart guns, they have rightly pointed out the massive difference between the two products. Others are afraid of a new generation of hackers for these smart guns, which could lead to a different kind of crime altogether. More than anything, gun rights groups like the National Rifle Association are afraid of the guns will be mandated for purchase or that states will start mandating all guns sold to be smart guns.

Smart or personalized guns have been a rather niche market until now. But with the federal government's push, this market could open up quickly. If law enforcement agencies start setting up smart gun budgets, it could lead to big business for many.

To date, the supply-demand ratio for smart guns has been understandably dull. But now, with the technology established and endorsed by the highest authorities, this could be the big incentive everyone has been waiting for. From the investors and gun manufacturers to the consumers, Obama's new mandate could be a real game-hanger.