We generate electric power where we can and send it long distances to where it is used. The resistive losses in the power grid are fantastic. Percentage wise, we "throw away" a double digit loss in the electric power grid. If we could capture that with a superconductive power grid that didn't cost a king's ransom to keep cooled, we'd be able to save all that money! We could recover billions of dollars per year without the I2R losses in transmission lines and Transformers. If we could apply the ideas to the motors that drive modern civilization, we could retire the national debt in a very short time.
Advantages - the resistance of superconductive material is so low, that there's no current wastage when they are used to conduct electricity. When used in the process of magnetic levitation, no kinetic energy is wasted due to friction from contact with the ground.
Disadvantages - To show their properties and be of any use they must be at transition temperature which can be costly. They emit strong magnetic fields which can effect humans by causing sterility, blindness and brain cancer. The highest transition temperature is 138K which is still a long way to go before superconductors are available to average user at room temperatures. They are impractical for handheld, consumer devices to have liquid nitrogen running through them.
Hope that helps!
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