Hashing is a technique used to store and retrieve data efficiently. It involves using a hash function to map keys to integers that are used as indexes in an array. This improves searching time from O(n) to O(1) on average. However, collisions can occur when different keys map to the same index. Collision resolution techniques like chaining and open addressing are used to handle collisions. Chaining resolves collisions by linking keys together in buckets, while open addressing resolves them by probing to find the next empty index. Both approaches allow basic dictionary operations like insertion and search to be performed in O(1) average time when load factors are low.