Final answer:
Cloud computing is the location-independent sharing of data centers hosting IT servers over the internet, offering benefits such as cheaper, faster, and better-quality data transmission. It has led to spin-off technologies like free Internet-based calling and video calling.
Step-by-step explanation:
The location-independent sharing of data centers hosting IT servers over the internet is called cloud computing. Cloud computing allows organizations to access and store data remotely, eliminating the need for physical servers and infrastructure. This technology enables cheaper, faster, and better-quality data transmission, as well as spin-off technologies like free Internet-based calling and video calling. It has transformed various industries and provided numerous benefits in terms of data storage, scalability, and cost savings.