Optical communication is a relatively new and fast maturing field having terrific bandwidth and high quality of communication beyond comparison to any other available transmission medium. This technology has been growing at such a phenomenal pace that in a relatively short span of only a couple of decades, metamorphosed from a somewhat exotic research curiosity into a strong commercial reality it has accomplished the huge demand for bandwidth and longer transmission distance. Every day, there are new announcements of more and more fiber optic cable being deployed throughout the world and yet the cry for the greater capacity and faster access is growing louder. With all the improvement and advancement in the technology it is still a challenge to locally suppress the problem of impairments that limit the ability of the optical networks in realizing its vast technological potential. The photonic industry is thereby being driven to work upon the inherent impairments due to group velocity dispersion (GVD) and fiber nonlinearities degrading the system performance.