Meaning

noun a future prospect or potential

noun capability of existing or happening or being true

noun a tentative insight into the natural world; a concept that is not yet verified but that if true would explain certain facts or phenomena

originFrom Middle English possibilite, from Middle French possibilité (from Old French possibilite) and directly from Late Latin possibilitās (“possibility”), from Latin possibilis (“possible”); see possible. By surface analysis, possible + -ity.

Etymology from Wiktionary, CC BY-SA 3.0