Li-Fi is a visible light communication system that uses LED light bulbs to transmit data wirelessly. It was coined by Professor Harald Haas in 2011 and provides high-speed communication similar to Wi-Fi but using light instead of radio waves. Li-Fi has several applications such as in traffic lights, airplanes, hospitals, and street lamps. It provides more secure and faster communication than Wi-Fi but has limitations like the need for line of sight and interference from other light sources. Current companies developing Li-Fi technology include pureLIFI and LIFI-X.