TCP is a protocol that provides reliable, ordered, and error-checked delivery of data between applications running on hosts communicating via an IP network. It does this using a connection-oriented protocol that establishes a virtual connection between two hosts. TCP implements flow control, ensuring data is sent reliably via acknowledgments and retransmissions if needed. Key aspects of TCP include connection establishment via three-way handshake, packet sequencing and acknowledgments to ensure ordered delivery, and connection termination.