No, this is not an advanced version of Google Glass that conjures up a screen in front of your eyes. Instead, Google wants to help people with diabetes with smart contact lenses.
Through miniature electronics, it measures glucose levels in tears and thus offers diabetics an easier way to monitor their condition in the body, without taking blood. A small wireless chip in the lenses and a glucose sensor are embedded between two layers of biocompatible material. They are also developing the technology of tiny LED lights that would warn the user of a rise or fall of the condition below certain threshold values.
However, such lenses are not expected to be available in the near future, as Google is still looking for bigger investors with more expertise in the healthcare market. Also, they have not yet obtained all the necessary permits in accordance with health laws.
More information at:
http://googleblog.blogspot.com