Nanotechnology is a relatively new technology that involves manipulating matter on an atomic and molecular scale. In general, nanotechnology deals with materials, devices, and other structures having at least one dimension in a size range from 1 to 100 nm (Roco 2003; SCENIHR 2005; Moore 2006). The recent growth in this sector has promised several benefits to society by exploiting the novel properties of nanoparticles. Nanotechnology offers an array of potential applications, and is becoming a key technology for the upcoming generation. Billions of dollars have been invested in nanotechnology research and development across the world. For instance, in the USA, the National Nanotechnology Initiative has invested $3.7 billion, whereas, respectively, the European Union (EU) and Japan have respectively invested $1.2 billion and $750 million dollars in this technology (ANUI 2012). Today, nanotechnology is increasingly occupying a prominent position in human life and in human lifestyle. Moreover, the development of nanomaterials and nanodevices has opened many novel applications in science and technology.