Cloud computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources that can be rapidly provisioned and released with minimal management effort or service provider interaction. Key characteristics of cloud computing include on-demand self-service, broad network access, resource pooling, rapid elasticity, and measured service. Cloud computing provides opportunities for lower costs, improved performance and reliability, universal access, and collaboration. However, it also poses disadvantages such as reliance on a constant internet connection and potential security and data loss issues.