De o Wiki do Ubuntu :
Many devices have two essential software pieces that make them function in your operating system. The first is a working driver, which is the software that lets your system talk to the hardware. The second is firmware, which is usually a small piece of code that is uploaded directly to the device for it to function correctly. You can think of the firmware as a way of programming the hardware inside the device. In fact, in almost all cases firmware is treated like hardware in that it's a black box; there's no accompanying source code that is freely distributed with it.
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The firmware is usually maintained by the company that develops the hardware device. In Windows land, firmware is usually a part of the driver you install. It's often not seen by the user. In Linux, firmware may be distributed from a number of sources. Some firmware comes from the Linux kernel sources. Others that have redistribution licenses come from upstream. Some firmware unfortunately do not have licenses allowing free redistribution.
O firmware tem um recurso importante em comum com o software BIOS: ele não pode se atualizar sozinho. É completamente fechado (ao contrário do código aberto), pode ser reinstalado através de algum procedimento, mas não pode ser inspecionado nem corrigido pelos usuários a jusante.