A Domain Name is a human-readable address used to identify a location on the internet. It serves as a convenient way for users to access websites without needing to remember complex numerical IP addresses. For example, instead of typing '192.0.2.1', users can simply enter 'example.com' to reach a specific site. Domain names are essential for establishing an online presence, whether for personal blogs, business websites, or e-commerce platforms. They are registered through Domain Registrars, and each domain name is unique, ensuring that no two websites can have the same address.