From what i know (which isnt much) It is a tool used by the industry to communicate the color emitted by a light source, sort of a universal language that is based off of (datum) the color emitted by a burning source (gas I believe) ...that way you can have an idea of what you are getting without necessarily seeing the product in action. LED manufacturers label there color rating to give you an idea of the metal halide bulb that the fixture mostly resembles. A good maufacturer will perform vigorous testing to prove that it fully mimics that bulb but I haven't seen any yet, and probably won't because the waveforms emitted by led fixtures are not similar to metal halides. Generally, in the led fixture world, the Kelvin rating refers to the blue to white ratio of diodes. 20k having the highest amount of blues, this rating is completely subjective and really has no meaning, led fixtures do not have any design standards that I am aware of so LED fixtures do not fit into the normal Kelvin temperature criteria, but it is still used as a comparative universal language though.