Blockchain technology is a decentralized digital ledger that records transactions across a network of computers in the form of a distributed database. The presentation by the group "FuturEngineers" introduces blockchain technology and how it works through a five step process involving authorized participants inputting transactions, blocks representing those transactions being validated by nodes and added to the existing blockchain, and updates being distributed across the network. It also includes graphs related to blockchain technology and discusses challenges and future trends in the field.