Tom Krcha from Adobe presented on peer-to-peer (P2P) capabilities in Flash Player. P2P allows for decentralized networks without a central server. It is useful for applications like multiplayer games, video chat and live streaming. Flash Player 10.1 introduced new features like groups, multicast and security improvements to enhance P2P. Examples of P2P apps built with Flash include games, video calling and using P2P networks through services like Adobe Stratus on Facebook. Future developments may include more advanced multicast, security and integration with Flash Media Server.