Difference between cloud and grid computing?

[jeyshree]

I read an article regarding cloud and grid computing. I am bit confused in their differences. Will someone please say whether my understanding is correct or not.
Cloud computing:

• We share the software loaded in a server(host computer or control mode) among many other systems connected to network.
• We pay money to the software based on the time for which we utilised it.

Grid computing:

• We share the processing power, memory and data storage loaded in a server(host computer or control mode) among many other systems connected to network.
• We don't share the software.
• We increase the speed of processing and maximize the processor utilisation.

[sicarie]

They are extremely similar, the main difference between the two being that cloud computing is almost always a single fleet of hardware (HP's cloud, Microsoft's cloud...).

Grid computing doesn't necessarily care about geographic borders, and the main implementations I have heard of it are universities working together and connecting some of their systems.

[drhowarddrfine]

Actually, they are the same thing, just different names with "cloud" being the newer term. Unix has been doing this for decades under the "grid" term.

[Markus]

"Cloud" is the buzz word of the age. As doc said, it's nothing new.