ElectroMagnetic Induction
Cars, electric trains, elevators, modern ones all use regenerative braking. In this case the electricity generated is fed back into batteries or the mains grid.

Another example is an electronic controlled hand drill / screwing machine. When you release the control push button the motor is effectively shorted  and is in turn used to brake its own rotation and it stops spinning very quickly. This is especially essential with screws as you would damage them or the material if you run them too deep/tight.

Regenerative braking @wikipedia

Regenerative braking @howstuffworks