Commerce is the route paved for businesses to grow and flourish; reaching out to ‘over-the-boundary’ target consumer, discerning the global expectations, to adapt and evolve, and strategize for the changing scenarios. Commerce is about exchange either for money or goods and; commercial transaction has evolved in a new avatar in the fast-spreading web-medium. How to make commercial transactions in a secured way, so that the journey of your investment from source to sink is not exposed to perils?
Commercial transactions(the umbrella term “e-commerce” can be used, for online shopping, B2B applications, B2C technologies, etc) from the view of the web-medium are equally vulnerable if not secured with the optimum internet protocols financial investment. Here, the arena is vast with a wide range of applications from Email, Enterprise content management, Instant messaging, Newsgroups, Online shopping and order tracking, Online banking, * Online office suites, Domestic and international payment systems, Shopping cart software, Teleconferencing, Electronic tickets, etc.
Much as there are avenues of opportunities, with a heavy market-potential, the hazards of getting exposed, or spotted, or even trapped, in the “web-tangled” crimes, exist. Cyber crimes looming large on commercial transactions include hacking, identity thefts, and others of the like..
So, how to make commercial transactions in a secure way, when you are using the online medium? Just as there are counter measures to tackle miscreants and ensure the safety of trade and commerce in real-time world there has been a parallel development in technology that make internet businesses not only viable but also e-commerce “the” pliable and secured mode for commercial transaction. The “E” effect of the web, overrides the snags and hitches that are still evident in the real-time world. The security protocols of the internet ensure that the data sent and received are encrypted and decrypted respectively, thus maintaining the integrity and validity of the data. What came into being as one of the first internet protocols, was the HTTP(encrypting the contents of the message relayed from the browser(user-end) to the server). As an offshoot of HTTP was SHTTP giving clients more discretion on the type of encryption to use. Netscape then came out with its brain child in the way of SSL (Secure Sockets layer), which worked more at the ground-level(at the transport layer)(encrypting the entire data-stream as a whole, independent of the transmission protocol), whereas the previous protocols worked at the application layer. The next player was Mircosoft’s PCT (Private communication technology) as an enhanced version of SSL, plugging the loopholes present in SSL. As you are well aware that all commercial transactions need to be financed, they should be routed through the gateway of the network of banks. For instance, while using credit/debit cards for your transactions, the initiation triggered from your end, should get an acknowledgement from the concerned banker(s), to allow the further processing of the transaction. After many milestones, through alliances between application providers and the bankers, and a series of protocol technologies (credit card authorities), the Visa/MasterCard SET(Secure Electronic Transactions) emerged as a convergence of the “piecemeal” solutions for payment mediation. In the times that we’re living in, technology has made unbelievable advancement as compared to any time in the past. This evolution has redefined the life of man on almost every aspect. In fact, this evolution is an ongoing process and thus, human life on earth is improving constantly day in and day out. One of the latest inclusions in this aspect is cryptocurrencies.
Cryptocurrency is nothing but digital currency, which has been designed to impose security and anonymity in online monetary transactions. It uses cryptographic encryption to both generate currency and verify transactions. The new coins are created by a process called mining, whereas the transactions are recorded in a public ledger, which is called the Transaction Block Chain.
Evolution of cryptocurrency is mainly attributed to the virtual world of the web and involves the procedure of transforming legible information into a code, which is almost uncrackable. Thus, it becomes easier to track purchases and transfers involving the currency. Cryptography, since its introduction in the WWII to secure communication, has evolved in this digital age, blending with mathematical theories and computer science. Thus, it is now used to secure not only communication and information but also money transfers across the virtual web.