The document summarizes the JPEG image compression standard developed in 1991. It describes the need for image compression as digital cameras became more common, and outlines the technologies of the time period. The key aspects of the JPEG standard are discussed, including the discrete cosine transform used for lossy compression, quantization that removes non-essential data, and entropy coding for storage. The standard has had massive impact, being used universally for digital image storage and online sharing, though it has some limitations for high-quality compression.