Firewire ports, also known as IEEE 1394 ports, facilitate high-speed serial connections between devices like digital cameras, external hard drives, and audio/video equipment and a computer. These ports offer rapid data transfer rates, making them ideal for real-time data streaming and bandwidth-intensive applications. Firewire supports peer-to-peer communication, enabling devices to exchange data directly without involving the computer's processor. However, Firewire has become less prevalent recently, with USB and Thunderbolt ports gaining more popularity.