What is grid computing and where do you see its applications?

powerful parallel computing to process large amount of data in short time -> advantage to be the first to know  

Grid computing is the collection of computer resources from multiple locations to reach a common goal.

Grid computing is basically collection of working resources(computers) from multiple location, or working from different location to reach a common Goal.  It is high performance computing systems such as cluster  computing in that grid computers have each node set to perform a different task/application.

Grid computing is the collection of computer resources from multiple locations to reach a common goal. The grid can be thought of as a distributed system with non-interactive workloads that involve a large number of files. Grid computing is distinguished from conventional high performance computing systems such as cluster computing in that grid computers have each node set to perform a different task/application. Grid computers also tend to be more heterogeneous and geographically dispersed (thus not physically coupled) than cluster computers.[1] Although a single grid can be dedicated to a particular application, commonly a grid is used for a variety of purposes. Grids are often constructed with general-purpose grid middleware software libraries. Grid sizes can be quite large.[2]

Grids are a form of distributed computing whereby a "super virtual computer" is composed of many networked loosely coupled computers acting together to perform large tasks. For certain applications, distributed or grid computing can be seen as a special type of parallel computing that relies on complete computers (with onboard CPUs, storage, power supplies, network interfaces, etc.) connected to a computer network (private or public) by a conventional network interface, such as Ethernet. This is in contrast to the traditional notion of a supercomputer, which has many processors connected by a local high-speed computer bus.