Phase-shift keying (PSK) is a digital modulation technique that changes the phase of a carrier signal to transmit data efficiently, with 8-PSK specifically allowing 3 bits per symbol through 8 distinct phase variations. It is used in applications such as satellite communications for high data volume transmission, though it requires higher power and may have a higher bit-error rate. While 8-PSK is more power efficient than other modulation types, it suffers from lower bandwidth efficiency and greater sensitivity to phase variations.