Scientists at Carnegie Mellon University have developed a new 3D holographic projection system trade named as "Aqualux 3D" using water drops. The refraction of light on water has been the main concept behind this system. The idea was born when the scientists were trying to understand the reflection / refraction of light on water drops for building better car headlights.
More details can be found here and the video with technical details of the system is available here.Thanks to @nanda_kumar_R for the info.
-- Varun
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