Visible light communication or VLC is an optical wireless communication using waves of the visible spectrum (380 nm to 780 nm) for the transmission of information. It is a short-range communication technology and source of visible light (LED) as a transmitter signal, air as a transmission medium and a photodiode as a receiver are used for link configuration. Considering the purpose, we distinguish high-data-rate (HDR) and low-data-rate (LDR) VLC. HDR is more complex to implement and requires same modifications of the existing infrastructure, while LDR is achievable with existing hardware in mobile devices. Potential applications of VLC technology are accurate indoor positioning (VLP), Li-Fi, V2V communication and application in areas sensitive to EM and RF radiation. Numerous corporations, organizations and universities around the world have been working on the development and standardization of VLC technology, such as VLCC, IEEE, Li-Fi Consortium, PureLiFi, Twibrigth Labs and others. VLCC has proposed two JEITA standards, while the IEEE founded VLC group called 802.15.7 which defined MAC and PHY layers. They also defined LED modulation methods, such as IM / DM, OOK, VPPM and CSK. VLC commercialization is still in the early stage of development and it depends on careful planning, gradual introducing of solutions to the market and cooperation between different industries. PureLiFi has already presented their solutions for VLC but additional development and commercialization of compatible LED bulbs may be required before the "Smart lighting" concept can be applied in practice. With the currently omnipresent RF communication, VLC is primarily suitable as an additional communication layer that will enable wireless data link where radio transmission is not possible, desirable or enough.