"SegWit" is short for "segregated witness", which is a very specific change to Bitcoin that separates transaction signatures from the transactions themselves.
SegWit closes most unwanted-malleability issues and makes checking signatures more efficient (linear scaling in CPU time).
Here’s a light knowledge-dose for you:
For more in-depth knowledge, listen to Bitcoin core developer Pieter Wuille (the initiator of segwit):
For more, read Will Segwit make transactions faster?
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