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E-Glossary
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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 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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