Grid computing involves applying the computing resources of many networked computers to solve large problems simultaneously. It allows for resource sharing and coordinated problem solving across dynamic virtual organizations. The document outlines how an intranet grid can be used to distribute large numbers of files across idle systems on a local area network to make efficient use of wasted CPU cycles. It describes how grid computing works, the major business areas it supports like life sciences, financial services, and engineering, and concludes that grid computing remains relevant due to technological convergence.