The document discusses the concept of hypertext, which was pioneered by Vannevar Bush in 1945 and allows non-sequential reading and writing through links connecting words, sentences, and other media types between electronic documents. Hypermedia is similar to hypertext but allows linking of different media types beyond just text. Some advantages of hypertext include ease of tracing references, creating new references, and information structuring, while a challenge is potential disorientation from not knowing one's location in the network or how to navigate to a desired location. The document outlines several applications of hypertext such as in business, personal learning, education, and language learning due to its interactive and flexible capabilities.