IEEE 1394, also known as FireWire, is a high-speed interface standard developed by the Institute of Electrical and Electronics Engineers for connecting devices like cameras, external hard drives, and computers. It allows for fast data transfer rates, making it suitable for applications that require real-time data streaming, such as video editing. The standard supports multiple devices on a single bus, enabling daisy-chaining of up to 63 devices. IEEE 1394 comes in different versions, with FireWire 400 and FireWire 800 being the most common, offering speeds of 400 Mbps and 800 Mbps, respectively.