Hashing is a technique for storing data in an array-like structure that allows for fast lookup of data based on keys. It improves upon linear and binary search by avoiding the need to keep data sorted. Hashing works by using a hash function to map keys to array indices, with collisions resolved through techniques like separate chaining or open addressing. Separate chaining uses linked lists at each index while open addressing resolves collisions by probing to alternate indices like linear, quadratic, or double hashing.