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E-COMMERCE
/ INTERNET GLOSSARY OF TERMS
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e-cash
Electronic cash is a payment mechanism designed for the Internet.
It is electronic money that can be passed along from person to person
like cash. It is anonymous like cash, and has value immediately
- its cash, not a promise to pay later. At present real E-Cash is
not in use anywhere but some of the larger players are introducing
electronic money in a number of forms.
e-cash classifications
In the early days of the Internet, there were serious security concerns
over conducting commercial transactions where confidential information
was transmitted. One of the problems with using the Internet is
that any information sent from Point-A to Point-B may go through
many other points along the way. Each time a message goes through
one of
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these
"in between" points there is the potential that someone
else may intercept it. If a credit card number was intercepted by
the wrong person, the potential for fraudulent use could have alarming
consequences. Electronic Cash (E-Cash) is seen as a solution. E-Cash
uses technology that typically avoids any use of credit card, checking,
or other sensitive financial account information when conducting
a commercial transaction. E-Cash provides a secure and low cost
way to make purchases on the Internet. In addition, E-Cash is also
beneficial from the merchant's perspective since credit card purchases
under $10 can be costly due to transaction fees. The primary benefit
of E-Cash is the ability to conduct transactions under $10 without
the merchant losing profits. This allows consumers to buy small
ticket items and information over the internet for 25 cents or less.
By eliminating the need for transaction fees and minimum purchase
levels, electronic commerce is much more affordable with E-Cash.
Electronic Data Interchange (EDI)
The automated , electronic flow of business information between
organizations without human intervention. This information is integrated
with and flows into and out of the organizations' respective business
management systems.
EDI management software
Software that translates business data between internal formats
and standard formats (such as ANSI X12 and UN/EDIFACT).
Electronic Funds Transfer (EFT)
Systems and technologies that processes financial transactions and
transfers funds (money) electronically between two financial institutions.
Includes Fedwire, Bankwire, automated clearinghouses (ACHs), and
other automated systems.
electronic teleshopping
Online shopping and information retrieval service accessed through
personal computers. Home shoppers need only a minimal knowledge
of computers to select the information they want as if using a book
index. They can buy products, buy services such as airline tickets,
play games, get stock market reports, view the latest headlines,
pay bills, and access the Internet. Advertisers may provide their
messages in the form of logos or names, or in longer segments, depending
on how much they want to pay and the message they wish to convey.
encryption algorithm
The most common way to make sure that the data in messages are protected
from unathorized access is through encryption. Encryption is a means
of disguising information using mathematical rules known as algorithms.
Encryption takes a message from plain-text and puts it into cypher-text
which is non-readable by adding characters to the message; it becomes
difficult to break this code and view the message. Decryption brings
the message back to readable form. The algorithm performs the data
encryption. It is programmed into a specialized computer. A key
is used to personalize an algorithm. An encryption algorithm can
be used to encrypt data that is confidential to a company, a name,
or a credit card number in a financial transaction.
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