Shor's algorithm is a quantum computing algorithm designed to efficiently factor large integers. It was developed by mathematician Peter Shor in 1994 and is significant because it can solve problems that are currently infeasible for classical computers. The algorithm takes advantage of the principles of quantum mechanics, particularly superposition and entanglement, to perform calculations much faster than traditional methods. The primary application of Shor's algorithm is in breaking widely used cryptographic systems, such as RSA encryption, which relies on the difficulty of factoring large numbers. If a sufficiently powerful quantum computer were built, it could potentially compromise the security of data protected by these systems, prompting ongoing research into quantum-resistant cryptography.