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Transport stream (TS, TP, MPEG-TS, or M2T) is a communications protocol for audio, video, and data which is specified in MPEG-2 Part 1, Systems (ISO/IEC standard 13818-1). Its design goal is to allow multiplexing of digital video and audio and to synchronize the output. Transport stream offers features for error correction for transportation over unreliable media, and is used in broadcast applications such as DVB and ATSC. It is contrasted with program stream, designed for more reliable media such as DVDs.
TS format is a container format that encapsulates packetized elementary streams and other data.
Important elements of a transport stream: Packet, PID, Programs, Program Specific Information (PSI) , 1 PAT , PMT , PCR , Null packets.

MPEG transport stream
MPEG transport stream (TS) is a standard format for transmission and storage of audio, video, and data, and is used in broadcast systems such as DVB and ATSC.

Transport Stream is specified in MPEG-2 Part 1, Systems (formally known as ISO/IEC standard 13818-1 or ITU-T Rec. H.222.0).

Transport stream specifies a container format encapsulating packetized elementary streams, with error correction and stream synchronization features for maintaining transmission integrity when the signal is degraded.

Transport streams differ from the similarly named Program Streams in several important ways: Program Streams, also called PS, are designed for reasonably reliable media, such as discs (like DVDs), while TS is designed for less reliable transmission, namely terrestrial or satellite broadcast. Further, a Transport Stream may carry multiple Programs.