1. A virtualized storage system, for sharing a storage cluster, comprising a plurality of storage devices, in a computing device having a plurality of hosts, the virtualized storage system comprising: a plurality of virtual host bus adapters (vHBA), wherein each vHBA is connected to a host, from amongst the plurality of hosts, through a standard based host bus interface; and a storage fabric switch for connecting the plurality of the vHBAs with a storage controller cluster to transfer data and commands between the plurality of hosts and the plurality of storage devices, wherein the storage fabric switch further comprises: a command processing engine (CPE) to map virtual addresses present in commands received from the plurality of vHBAs to corresponding physical addresses of at least one of the plurality of storage devices and an Inline Buffer Engine (IBE) to: receive an allocation request from at least one of the plurality of hosts for writing data to at least one of the plurality of storage devices; transmit address of a memory block, along with one of an in-built bit and an overflow bit, to the at least one of the plurality of hosts; receive data from the at least one of the plurality of hosts on the allocated memory block; and send Data ReQuest (DRQ) information to the storage device to notify about availability of data on the allocated memory block.