Dan B.: http://searchengineland.com/google-launches-knowledge-graph-121585
Rotimi Orimoloye: Facts about people, places and things (movies, concepts, religions, etc). These facts are stored in the form of massive pieces of data that are connected together in a meaningful way (understandable by Google's bots as they are by humans).
The "graph" element is key as it allows each data item to be connected to other items in a flexible way so that new information (or facts) about that item can be added easily. Hence the "knowledge" is designed to grow exponentially.
Illustration: Brad Pitt is an Actor in World War Z (Pitt, Actor & WWZ are all items here - Pitt & WWZ are entities, Actor is the property or relationship that connects them together, but that is not important for now) You can easily add Pitt is husband of Angelina Jolie) ; Can also add World War Z has a upcoming sequel that is written by Rotimi and will star Lindsay Lohan, etc, etc, etc... :)