Page 28 - KEC Khaitan C8.2 Flipbook
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ELECTRONIC FUND TRANSFER
Electronic Fund Transfer (EFT) is a technology
that allows the transfer of funds online
from one bank account to another. On the
other hand, Electronic Data Interchange (EDI)
is a system for accepting payments for online
transactions.
Various payment systems are accepted for making online payments such as debit cards and
credit cards. Credit cards are the most popular way of payment for transactions in e-commerce
transactions, and they ensure security by using the Card Verification Number (CVN) to detect
any fraudulent activities. Some of the newly introduced technologies like mobile banking, e-cash,
e-checks, digital wallets, are also gaining popularity these days.
Tick ( ) if you know this.
▶ The act of selling and buying a commodity over the Internet is known as e-commerce.
▶ E-banking is also known as virtual banking.
BLOCKCHAIN
Blockchain refers to a decentralised system of recording information that makes it difficult or
impossible to change, hack, or cheat the system. Every business runs on information and blockchain
is a shared ledger on which transactions are recorded and assets (tangible or intangible) in a
business network are tracked. Tangible assets include houses, cars, cash, lands, etc. and intangible
assets include intellectual property, patents, copyrights, branding, etc.
It is a distributed digital ledger of transactions that is duplicated and distributed across the entire
network of computers on the blockchain. Each block in a chain may contains a record of multiple
transactions. When a new transaction occurs, it is added to the blockchain and recorded in every
participant’s ledger. Anything that carries value can be recorded and tracked and can be traded
on a blockchain network ensuring transparency, security, and immutability in the exchange of
assets.
ARTIFICIAL INTELLIGENCE
You have already read about artificial intelligence in earlier classes. AI is a branch of computer
science that aims at creating expert and intelligent computer systems which simulate certain
human qualities such as, learning, reasoning, communicating, seeing, hearing, and sensation.
26 Premium Edition-VIII

