Wireless Gigabit Alliance, code-named WiGig is the organisation behind a wireless multi-gigabit communications technology that works in the unlicensed spectrum of 60Hz. This technology was announced on May 7, 2009. The question is: why 60GHz? The answer to this is, that at this frequency, there is a high absorption of signals caused by oxygen and hence signal propagation becomes very limited - to a few feet, actually. This results in reduced interference from or to, nearby wireless systems. Hence, within a room (few feet) devices can communicate with each other, using this technology at extremely high speeds.
The supported data rate is up to 7Gbps, which is phenomenal when you compare it to current standards like Bluetooth. The WiGig 1.0 specification is also backward-compatible with the 802.11 Wi-Fi standard. According to Wikipedia, In the context of telecommunications and computing, a device or technology is said to be backward-compatible if it can work with input generated by an older device. Hence, systems running on Wi-Fi networks can easily run on WiGig 1.0.
This standard is around (or more than, in the real world) ten times faster than the 802.11n standard, which has a theoretical maximum data rate of 600Mbps. The application this technology is targetting is consumer-oriented: to have PCs, mobile phones, HD Tvs, digital cameras etc communicate with each other at very high speeds.