The Quantum Information Theory Approach (QIT) explains for the first time the apparent lack of unitarity caused by the entropy increase in the Quantum 1/f Effect (Q1/fE). This allows for a deeper understanding of the quantum 1/f effect, showing no resultant entropy increase and therefore no violation of unitarity in the quantum-mechanical dynamical evolution. This new interpretation involves the von Neumann Quantum Entropy, including the negative conditional entropy concept for quantum entangled states introduced by QIT. The Q1/fE was applied to many high-tech systems, in particular to ultra small electronic devices in nanotechnology. The present paper explains how the additional entropy implied by the observed 1/f noise arises in spite of the entropy-conserving evolution of the system. On this basis, a derivation of the conventional and coherent quantum 1/f effect is given. The latter is derived from a non-relativistic form of the branch-point propagator derived by excluding the long range Coulomb interaction from the interaction hamiltonian. The paper concludes with examples of practical applications in various devices and systems, allowing for a new characterization of high technology.