Polymerase Chain Reaction (PCR) is a molecular biology technique developed by Kary Mullis in the 1980s used to amplify specific DNA sequences, generating billions of copies of target DNA through a series of thermal cycles. The PCR process involves DNA denaturation, primer annealing, and extension by DNA polymerase, specifically Taq polymerase for its heat resistance. Applications of PCR include gene cloning, forensic investigations, and monitoring viral loads in diseases, while Reverse Transcription PCR (RT-PCR) is utilized for detecting RNA expression.