In summary, Cloud computing is a method where computing operations are done over at the server(corporation/organization) instead on the client machine(you).
A good example would be some of Google office apps that runs off their servers for us. Some of their apps can be executed completely on google chrome web browser.
They are advantages as well as disadvantages to this method. Firstly, the users do not have to be concerned about losing their data, as they are stored in the server. In addition, the users can work on their data anywhere they like and on any computer as their data can be fetch from the server easily.
The downside is if there is a net failure, the user's work would be delayed.