Cloud Computing...what the buzz is about?

Cloud Computing is perhaps the most talked about topic now a days in computer and software industry. Since most of us are unfamiliar to this term so let me explain it in a simple way.
                   "Cloud Computing is the usage of computing resources  that are resided somewhere else e.g, on a hosting server."
Until now, we use the computing resources of our CPU i.e, processor, memory and storage. In cloud computing, you 'hire' these resources of a hosting company and pay them the 'Computing Bill' on daily or monthly basis. The more usage of these resources, the more you have to pay to them. Lets assume you have a huge amount of data to store (Suppose 10 GB) and this data is increasing day by day. You have a personal hard drive of 40 GB already filled with your data. So instead of keeping this data on your personal computer, you will buy the Cloud services of a company and upload this increasing data to their servers. Now it will be the headache of these Cloud Servers to keep your data, process it on their own systems and just send you the final results on demand via Internet. Below, I have shared my own cloud computer's desktop which is  opened right in my web browser. 

(Click to enlarge)