Cloud Computing, the impending need of computing as an optimal utility, has the potential to take a gigantic leap in the IT industry, is structured and put to optimal use with regard to the contemporary trends. Developers with innovative ideas need not be apprehensive about non utility of costly resources for the service which does not cater to the need and anticipations. Cloud Computing is like a panacea to overcome the hurdles. It promises to increase the velocity with which the applications are deployed, increased creativity, innovation, lowers cost all the while increasing business acumen. It calls for less investment and a harvest of benefits. The end-users only pay for the amount of resources they use and can easily scale up as their needs grow. Service providers, on the other hand, can utilize virtualization technology to increase hardware utilization and simplify management. People want to move large scale grid computations that they used to run on traditional clusters into centrally managed environment, pay for use and be done with it .This paper deals at length with regard to the cloud, cloud computing and its myriad applications.