It is a type of genetic engineering in which DNA is inserted, deleted or replaced in the genome of an organism using artificially engineered nucleases, or “molecular scissors”.  

• Human genome editing can be used to treat many human diseases & genetic disorders like HIV/AIDS, hemophilia etc. 

• It could substantially bolster disease resistance in humans & increase life span. 
• It could form the basis of highly efficient & cost-effective next generation antibiotics (based on bacteriophage viruses). 
• Gene editing can be used to protect endangered species or bring to life extinct species. 
• It can be used to grow healthier food (via fortification) and increasing harvest. 
• It has the potential to slow down the spread of diseases by eliminating its means of transmission. E.g., Gene editing can be used to introduce sterile mosquitoes into the environment. 

Source: NCERT