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Kakashi created the Chidori as a substitute because he couldn't add his lightning affinity to the Rasengan. Raikiri(Lightning Blade) is simply a concentrated form of Chidori by Kakashi.
[Correction] It has never been stated that Raikiri is any more concentrated than Chidori they are theoretically the same move - both lightning types, both have tunnel vision side effects [can be negated by the Sharingan], both are most critical when hitting fatal spots such as the heart.
[Correction 2] Guy says that Kakashi nicknamed chidori raikiri after hitting a lightning bolt with it.