Stored-program architecture is a computer design concept where program instructions and data are stored in the same memory. This allows the computer to access and execute instructions directly from memory, making it more efficient. It was first proposed by John von Neumann in the 1940s and is fundamental to modern computing. In this architecture, the central processing unit (CPU) fetches instructions from memory, decodes them, and executes them sequentially. This design enables computers to run complex programs and perform various tasks without needing to change physical wiring or hardware, leading to greater flexibility and ease of programming.