The Digital Media Project

 

Source

Martin Springer

Title

DEU #11 Making electronic transactions

No.

040421springer01

 

Name:

Martin Springer

Affiliation/additional information:

Active Contribuor, Luebeck, DE

Date submitted:

2004/04/21

 

#

Criteria

Description

1.

Name of DEU

Making electronic transactions

2.

Summary description of DEU

The conduct of commerce in goods and services over the Internet

3.

Example usages of DEU

"The foundations on which electronic commerce is based started 125 years ago with the use of telegraph technology to relay information concerning the transfer of funds, such as the stock ticker and Western Union's Money Transfer system. Payment for goods with payment instruments and representations thereof, namely the advent of credit cards in 1914, revolutionized commerce for consumers, as needs for efficiency and ease of transactions were met. Banks were the first institutions to automate commerce functions. The formation of First Data Resources and First Financial Management Corporation in 1971 as credit card processors for banks integrated banking with technological improvements. Electronic commerce continued in the 1980's with the advent of Automatic Tellers, or ATM's, in 1986. The same technology - information traveling electronically over wires - was the basis for the Internet" [1]

Usages of electronic transactions include:

4.

TRUs related to this DEU

  • TRU to communicate privately
  • TRU of contractual commerce
  • TRU to choose security

5.

Enabling technologies

"The prevailing issues concerning on-line commerce are how to maintain and evaluate the authenticity, confidentiality, integrity, and delivery of electronic transmissions. It is essential to ensure that messages from both consumers and producers can be attributed to a reliable party, aren't seen by unintended viewers, arrive unchanged from their original form, and are actually delivered."[2]

6.

Benefits of DEU

"The emerging digital economy has the potential to be an engine of growth for the world economy for the next quarter of a century if we can put the right framework in place to allow it to grow and flourish."[2]

7.

Requirements

  • Support of a broad range of payment methods and mechanisms [3]
    		•

    8

    References

    [1] - Electronic Commerce, University of Virginia, Computer Science Class Project, 1998
    [2] - Interview with Ira Magaziner, senior advisor to the president for policy development, 1997
    [3] amazon.com -- click Help/Ordering/Payment_Methods_We_Accept - "Amazon.com accepts American Express, Diners Club, Discover, JCB, MasterCard, Eurocard, Visa, Visa Check Cards, Amazon.com gift certificates, and checks, money orders, or cashier's checks denominated in U.S. dollars and drawn on a U.S. bank. Additionally, we accept Borders Gift Cards and Waldenbooks Gift Cards as payment for qualifying orders. We do not currently accept direct wire transfers or Smart Cards"