The stored-program concept is a fundamental principle in computer architecture where a computer's program instructions and data are stored in the same memory. This allows the computer to access and execute instructions directly from memory, enabling more complex and flexible operations. It contrasts with earlier systems that required physical rewiring to change programs. This concept was popularized by the work of pioneers like John von Neumann, leading to the development of the von Neumann architecture. This architecture forms the basis for most modern computers, allowing them to run various applications by simply loading different programs into memory.