The noConflict() method releases the hold on the $ shortcut identifier, so that other scripts can use it. You can of course still use jQuery, simply by writing the full name instead of the shortcut:
Example
$.noConflict();
jQuery(document).ready(function(){
jQuery("button").click(function(){
jQuery("p").text("jQuery is still working!");
});
});

Example :-

The noConflict() method returns a reference to jQuery, that you can save in a variable, for later use. Here is an example:
Example
var jq = $.noConflict();
jq(document).ready(function(){
jq("button").click(function(){
jq("p").text("jQuery is still working!");
});
});

Example :-

If you have a block of jQuery code which uses the $ shortcut and you do not want to change it all, you can pass the $ sign in as a parameter to the ready method. This allows you to access jQuery using $, inside this function - outside of it, you will have to use "jQuery":
Example :
$.noConflict();
jQuery(document).ready(function($){
$("button").click(function(){
$("p").text("jQuery is still working!");
});
});

Example :-