Hadoop is a software platform designed for processing and storing vast amounts of data using distributed computing, incorporating components like MapReduce and HDFS. It emphasizes scalability, reliability, and efficiency, able to manage petabytes of data across clusters of inexpensive hardware while automatically handling data replication and task failures. Notable organizations, such as Yahoo and Amazon, utilize Hadoop for various applications, benefiting from its ability to perform complex computations on large datasets with high throughput.