In this report we will first explain what Light-Fidelity (LiFi) is and argue that it is a 5th Generation (5G) technology. Peak transmission speeds of 8 Gbps from a single light source have been demonstrated, and complete cellular networks based on LiFi have been created. The visible light spectrum and infrared spectrum together are 2,600 times larger than the entire radio frequency (RF) spectrum. Trends seen from 2009 to 2016 are used to predict when the spectrum that is required to satisfy the mobile data demand will exceed the entire radio frequency (RF) spectrum. According to the predicted mobile data traffic, the number of cell sites and achievable spectral efficiency for the United States (U.S.), the entire RF spectrum will be fully used by 2035. Therefore, unlocking the visible light and infrared spectra and deploying indoor/outdoor optical wireless systems will be a necessity for the next generation wireless communication technologies, in order to alleviate the spectrum crunch, and to connect 100 billion Internet-of-Things devices. We will discuss numerous misconceptions and illustrate the potential impact this technology can have across a number of existing and emerging industries. We also discuss new applications which LiFi can unlock in the future.