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Amazon Elastic Block Store (EBS) provides raw block-level storage that can be attached to Amazon EC2 instances. These block devices can then be used like any raw block device. In a typical use case, this would include formatting the device with a filesystem and mounting said filesystem. In addition EBS supports a number of advanced storage features, including snapshotting and cloning. As of June 2014, EBS volumes can be up to 1TB in size. EBS volumes are built on replicated back end storage, so that the failure of a single component will not cause data loss.
The EBS product was introduced to the general public by Amazon in August 2008.
References
Amazon Elastic Block Store Wikipedia(Text) CC BY-SA