What is Bitcoin primarily defined as in electronic commerce?
Bitcoin is a decentralized cryptocurrency introduced in 2009 (attributed to Satoshi Nakamoto) that works on a peer-to-peer network using blockchain and cryptographic hashing.
In the SET (Secure Electronic Transaction) protocol, what is the purpose of a 'Dual Signature'?
A Dual Signature in SET links two messages (order details for merchant, payment info for bank) while keeping purchase content hidden from the bank and card details hidden from the merchant.
Which of the following is an advantage of EDI over traditional paper-based business communication?
EDI offers faster document delivery, reduces human data entry errors, eliminates physical paper costs, and streamlines supply chain workflow.
What is a 'Digital Wallet' (or E-Wallet) primarily used for?
E-wallets (such as Amazon Pay, Paytm, Google Pay) store digital funds and payment account credentials securely to facilitate fast, cashless transactions.
Which security measure is commonly used in electronic payment authentication as a second factor (2FA) sent to a user's mobile number?
An OTP (One Time Password) is a dynamically generated numeric code valid for a single transaction session, providing two-factor authentication (2FA).