As a result, companies now can start building iSCSI products. Only minor changes are required before the Internet Engineering Task Force (IETF) endorses iSCSI as a formal version 1.0 standard.
SCSI is a widely used standard for connecting hard drives to computers; iSCSI lets that happen over a network connection such as a company Ethernet network or even the Internet. iSCSI holds the promise of letting multiple computers tap into a pool of storage systems.
Source: Tech News - Cnet.com