With the world consisting of so many nuclear powers and the increasing crisis of ongoing conflicts between nations, the importance of uranium in the contemporary arena has elevated to a gargantuan extent. Being a prime ingredient in the production of nuclear power, uranium is of great utility and great danger at the same time for the peace of the world. It was discovered by a German chemist whose name was Martin Klaproth in the year 1789. In its initial phases that constituted of one and a half century, uranium was not considered a very successful innovation as few uses could be reaped out of this metallic element. It was in the year 1938 that two scientists, Hahn and Strassmann discovered the priceless fact that uranium yielded nuclear energy. Even the degree of energy generation was great as one pound of uranium would give as much energy as three million pounds of coal. Eventually the first chain reaction was conducted in the year 1942 by Enrico Fermi.