Cloud computing

Cloud computing is the on-demand availability of computer system resources, especially data storage (cloud storage) and computing power, without direct active management by the user. Large clouds often have functions distributed over multiple locations, each location being a data center. Cloud computing relies on sharing of resources to achieve coherence and economies of scale, typically using a "pay-as-you-go" model which can help in reducing capital expenses but may also lead to unexpected for unaware users.

Quotes

 * I now run a 15-person company and, in terms of making us productive, our systems are far better than those of any of big company. We bring up and roll out new apps in a matter of hours. If we like them, we keep them, if not, we abandon them. We self-administer, everything meshes, we have access everywhere, it’s safe, it’s got great uptime, it’s all backed up, and our costs are tiny. The vision came true.
 * George Favaloro, "Who Coined 'Cloud Computing'?", MIT Technology Review (2011/10/31)