Step 1: Understanding the Concept:
Many industrially important chemical compounds have standard common names alongside their chemical formulas.
Step 2: Detailed Explanation:
The chemical formula \(\text{CaOCl}_2\) represents Calcium oxychloride.
It is synthesized by the action of chlorine gas on dry slaked lime (\(\text{Ca}(\text{OH})_2\)).
In everyday and industrial contexts, it is widely known by its common name, Bleaching powder.
Step 3: Final Answer:
Its common name is Bleaching powder.