The 8085 microprocessor was introduced by Intel in 1976 as an updated version of the 8080 microprocessor. It is an 8-bit microprocessor that can access 64KB of memory using 16-bit address lines and has 8 I/O ports. It contains registers like the accumulator, flag register, and instruction register. The 8085 has an arithmetic logic unit and uses various addressing modes like immediate, register, direct, indirect and implied addressing. It consists of functional blocks like registers, instruction decoder, address/data buffers, and interrupt control.