Quantum Physics, colloquially known as the atomic and subatomic level’s rulebook, has perplexed scientists since the early 20th century. It is a branch of Physics that deals not with the tangible, visible universe around us but with the minuscule, invisible world of tiny particles. Despite its esoteric nature, it is increasingly becoming relevant in our daily lives, ushering us towards a new future. How does it do that, and what are its underlying principles? Let’s delve and unlock the mysteries of this fascinating field.

One of the core tenets of Quantum Physics is the notion of wave-particle duality. Light, electrons, and other particles exhibit both wave-like and particle-like characteristics. This duality became evident in the famous Double-Slit experiment. When light or an electron is fired through a barrier with two slits, they create an interference pattern on the other side, as waves would. However, when observed more closely, these particles were found to appear as discrete entities like particles. This characteristic blurs the borderline between what we traditionally perceive as two distinct concepts – particles and waves.

The second mystery to unfurl is the concept of superposition. Quantum particles exist in multiple states simultaneously until measured. Imagine a coin spinning in the air; it’s neither heads nor tails but a combination of both until it lands, and we observe the result. This counterintuitive principle forms the foundation of Quantum Computing, which could revolutionize data handling in the future. Traditional computers function on bits which are either ‘0’ or ‘1’. Quantum computers exploit these superpositions, using quantum bits or ‘qubits’ that can be both ‘0’ and ‘1’ at the same time, increasing computing power dramatically.

Thirdly, entanglement is a key feature in quantum mechanics, which Albert Einstein once referred to as “spooky action at a distance”. It refers to the seemingly paradoxical phenomenon wherein two or more particles become intrinsically linked, and a change to one particle instantaneously affects the other, regardless of the distance between them. This phenomenon paves the way for exciting possibilities like Quantum Teleportation and Quantum Cryptography, which could redefine communications and security in the digital age.

Finally, the observer effect in quantum physics is a mind-boggler. An observer’s decision to measure a property of a particle can alter the state the particle was in before the measurement, commonly explained through the Schrödinger’s Cat thought experiment. This suggests our reality could be subjective, contingent not only on how we perceive but also how we interact with the universe.

Understanding these underlying principles of Quantum Physics and harnessing their power is fundamentally shaping our technological and scientific advancement. From developing ultrafast quantum computers to resilient quantum communication systems, the possibilities are breathtaking. Quantum Biology’s establishment, studying quantum effects in biological systems, suggests even the frontiers of medical science could be reshaped.

However, Quantum Physics is far from demystified. We’ve merely scraped the surface of this profoundly deep well of knowledge; numerous concepts continue to confound even the brightest minds. Yet, every effort made towards its understanding and application is indeed a significant step into the future. As we unravel more mysteries, we inch closer to a new understanding of the universe, providing us unimaginable scopes and opportunities to innovate, explore and advance.