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.



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