Binomial Nomenclature is a formal system for naming living organisms. Developed by the Swedish botanist Carl Linnaeus in the 18th century, it uses two Latin words to create a unique name for each species. The first word represents the genus, while the second identifies the specific species within that genus. This naming system helps scientists communicate clearly about different organisms, avoiding confusion caused by common names. For example, the scientific name for the domestic cat is Felis catus, where "Felis" is the genus and "catus" specifies the species.