White Balance
White Balance allows you to color correct your image per-camera, using color temperature and tint properties. Read more about White Balance here.
The White Balance Picker allows you to select an area of your image that is supposed to have a neutral hue, i.e. a white or grey material.
Shift-Click on the Picker icon to Reset the White Balance to default settings.
Temperature (in Kelvin): Blue to Orange color correction.
Tint: Green to Magenta color correction.
The White Balance Picker is slightly different in the Image Editor / Compositing Editor.
It will appear as a Color Swatch that you can click on to access the Eyedropper.