Couchbase is an open source NoSQL database that provides scalability, high performance, and a flexible data model. It originated from Membase and merged with CouchOne, combining Memcached interfaces for data management with CouchDB's indexing and querying capabilities. Couchbase 2.0 introduced a new JSON document store with indexing, querying, and cross-datacenter replication. The speaker uses Couchbase at his company GetGoing to cache search results, store user data, and store hotel documents across 3 EC2 instances for scalability, replication, and integration with ElasticSearch.