The Rabin-Karp algorithm is a string-searching technique used to find a pattern within a text. It employs hashing to compare the pattern and substrings of the text efficiently. By calculating a hash value for the pattern and each substring, it can quickly identify potential matches, reducing the number of direct comparisons needed. This algorithm is particularly useful for searching multiple patterns simultaneously. It can handle large texts and patterns effectively, making it a popular choice in applications like text editing and data mining. Its average-case performance is efficient, although the worst-case scenario can lead to slower results due to hash collisions.