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In the days of small communities, common names served this purpose. )To enable a true audit, outside entities must be involved in recording the transaction. 1, Revised 8th june 1999 page 9networks such as the internet and here nearly all publicity in respect of security isnegative. In early 1998, 22 percent of securities trades weremade online, and this figure is rising rapidly.

Pay cash uses novel algorithms to advance traditional objectives of internet payment system design, such as security, privacy, and efficiency.

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For example, a doctorand the professional medical body that issues his or her accreditation certificate willprobably have an agreement governing their relationship. At the same time, the newness of the industry—electronic commerce is still at the earliest stages of existence—promotes broad experimentation.



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In the use of credit cards, traders do not have to worry too much about the signatures ofconsumers since their confidence in a transaction is built more on the use of the cardthan it is on the identity of the consumer. For example, those purchasing alcohol in the us must prove they are at least 21 years old. Many ofthe practical benefits of harmonization can be achieved with little loss of local autonomy by simplyharmonizing product categories. Note again that certificates are being used to give keyholders permissions of some kind,for example, permission to practise as doctors or lawyers.

Sale of information such as text, music, videos, and software over theinternet will become increasingly common. Step onedevelop a content site (i. If digitized music purchased online is tax-free andcompact disks purchased in stores are taxed, then e-commerce is favored, and consumerswho cannot afford internet access from home suffer. Section 1: Introductiondespite the many inherent security risks of the internet, it has become an essential tool for commerce and financial services.

500 Directory that is hopefully sufficient to identify a person or an entity. The same applies to proving validity of the process ina court of law, should the occasion ever arise.

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