Superconductors have no resistance to the flow of electricity, and will potentially enable the development of many new technologies.
Superconductors have no resistance to the flow of electricity, and are repelled by magnetic fields. Before the discovery of ceramic metal-oxide compounds containing rare earth elements, for materials to have superconductive properties, they had to be kept at 23.2 K using liquid hydrogen. With the discovery of higher temperature superconductors, which only had to be kept at 77K, liquid nitrogen could be used as a coolant. Liquid nitrogen is much cheaper and more effective, enabling the use of superconductors to be practical.
Using the properties of superconductors, electromagnets can generate large magnetic fields with no energy loss. These magnets are used in medical equipment and in constructing particle accelerators. The temperature necessary for superconductors continues to rise as we discover more materials. With better superconductors, we can develop high speed computers, use them in nuclear reactors, Maglev trains, and create a much more efficient generation and transmission of electricity. These potential developments could greatly affect our future, making available new technologies never thought possible before the higher temperature superconductor.

*Pictures from Microsoft Electronic Encarta Encyclopedia Edition 2002 and Microsoft Clip Art Gallery, respectively

Sources:
"Superconductivity," Microsoft® Encarta® Online Encyclopedia 2003
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