Lenz's law states that the direction of an induced current is such that it creates its own magnetic field opposing the change in magnetic flux that created it. This ensures the conservation of energy. When a conductor moves through a magnetic field, it experiences a force opposite to its direction of motion due to the induced current. Similarly, if the magnetic field changes, it induces a current that creates a secondary field opposing the change in the original field. This phenomenon of electromagnetic induction and the opposing induced current explained by Lenz's law has various applications like eddy current braking, transformers, and quantum levitation.