OLED

Stands for Organic Light-Emitting Diode. It is a not-so-new technology that creates digital displays ie phones, tvs, computer screens, portable games etc. It doesnt require a backlight which means (big, Huge selling point here) it is thinner and lighter than the usual liquid crystal display (LCD). It also has killer contrast, colour, can be 3D and keeps up with fast film/sport rates. 

I cant wrap my head around the techy part of it but generally this is the gist - 

There are a bunch OLEDs:

Active Matrix OLED (AMOLED)

- High res, large size

- Anode layers include a Thin-Film transistor (TFT) plane to form a  matrix

- Quick refresh rate

Passive Matrix OLED (PMOLED)

- Small screen devices

- Strips of anode and cathode

Inverted OLED

- Bottom cathode

- Low cost OLED

Foldable OLED

- Used in devices that are more likely to break

- Flexible, durable, lightweight

- Connected to clothes, foils, plastics

Top Emitting OLED

- Transistor backplane, not transparent

- Suited to matrix applications like smart cards

Transparent OLED

- Good contrast

- Anode, cathode and substrate are transparent

White OLED

- Brightest light

- Manufactured in large sheets - Cost effective and consume less powerStacked OLED- Uses composite colours- Reduction in pixel gap and increase in colour depth- Used most in Tvs

For more info: circuitstoday

There are a bunch of "future" uses, but the guys at Osram see this technology becoming integrated into our homes through luminescent window glass, reflective surfaces like mirrors, tiles or entire flat planes/surfaces etc.

For more info: osram