Which various payment systems are available for use in e-commerce? Give an explanation of the purposes and uses of the following: digital signature, digital certificate, SSL, and firewall.
What are the different system of payments that can be used for e-Commerce? Explain the following giving their functions and usage – Digital Signature, Digital Certificate, SSL and Firewall.
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Different systems of payment used for e-commerce include credit/debit cards, digital wallets, bank transfers, and cryptocurrencies like Bitcoin.
Digital Signature: A digital signature is a cryptographic technique used to verify the authenticity and integrity of electronic documents or messages. It ensures that the sender is who they claim to be and that the content has not been tampered with during transmission. Digital signatures are used for secure online transactions, contracts, and legal documents.
Digital Certificate: A digital certificate is a digital document issued by a trusted third party, known as a Certificate Authority (CA), that verifies the identity of the certificate holder. It binds a public key to an individual or organization, providing authentication and encryption for secure communication over the internet.
SSL (Secure Sockets Layer): SSL is a security protocol that encrypts data transmitted between a web server and a web browser, ensuring the confidentiality and integrity of sensitive information such as credit card details, login credentials, and personal data during online transactions.
Firewall: A firewall is a network security device that monitors and controls incoming and outgoing network traffic based on predetermined security rules. It acts as a barrier between a trusted internal network and untrusted external networks, preventing unauthorized access and protecting against cyber threats such as malware, viruses, and hackers. Firewalls are essential for securing e-commerce websites and protecting customer data from unauthorized access or manipulation.