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This has been best explained by Obama in the video on the right side/below. Simply put, it is a random process. There are plenty of stochastic processes that we encounter in our day-to-day life. For instance, when you are searching randomly for the lost smartphone/key, tossing a coin to decide who will go first, kicking the football randomly without seeing if there is anyone to receive it, etc. I believe every process we can imagine is random on a certain timescale. For example, you go to lunch at 1 P.M. every day. But if I ask, at what minutes and what seconds exactly, that has to be random. Naively, one might not be bothered so much by such randomness since, unlike Newton's laws, no prediction could be made to exactly determine the process's future. However, one can always predict the future outcome of the process on a proababilistic level with the help of the theory of stochastic processes. For e.g., no one can predict the stock market's movement, yet physicists, economists, and mathematicians greatly rely on the theory of stochastic processes to predict the market's nature. Biological processes such as DNA assembly and RNA transcription have the theory of stochastic processes in their core. Furthermore, the recent development of artificial intelligence (AI) is nothing but a niche application of the theory of stochastic processes. Thus, we need to have an in-depth understanding of stochastic processes.

Current members of our group at IMSc with the leader standing behind ;)