IT430 E-Commerce Assignment No.3 Solution Fall 2012

Private key means that each computer has a secret key (code) that it can use to encrypt a packet of information before it is sent over the network to the other computer. Private key requires that you know which computers will talk to each other and install the key on each one. Private key encryption is essentially the same as a secret code that the two computers must each know in order to decode the information. The code would provide the key to decoding the message.

Receiver party should know the secret code to decrypt message.

Suppose Ahmad’s friend is living abroad and he wants to send a coded message to his friend. Ahmad wants that only his friend may read/understand message. He applied a simple scheme and substituted each letter by the letter that is second to it. For example: “C” became “E” and “D” became “F”. After applying scheme the result is:

Oa rcuuyqtfu ctg “nkhg chvgt fgcvj” cof “cjocfmjcnkf” .

You are required to decrypt Ahmad’s message.



Solution:

BEFORE APPLYING SCHEME!!!

MY PASSWORDS ARE “LIFE AFTER DEATH” AMD “AHMADKHALID”.
AFTER APPLYING SCHEME!!!

Oa rcuuyqtfu ctg “nkhg chvgt fgcvj” cof “cjocfmjcnkf” .

Question # 2 : 5 Marks (2.5 +2.5 )

In this age, we want to make business /financial transactions simpler. In older traditional methods, we exchange physical money for transaction. We sometimes may have disadvantages in this way like security issues.

Nowadays, ATM or smart cards for financial exchange are quiet popular.

a) Having these facilities, what’s the need of Digital wallet?
b) How Digital wallets work?



Need of Digital wallet:

Customers must have digital wallet software that stores certificates and card information. The concept of the digital wallet emerged as a way to promote safe electronic cash transactions, as well as a way to make online shopping more efficient. The basic premise of a digital wallet, also sometimes called an e-wallet, is to create a secure online space for storing payment information that can be accessed by an authorized user anytime, in any place. No manual entry of account information is required when using an e-wallet program

Digital wallets work:

Customers must have digital wallet software that stores certificates and card information. The term “digital wallet” applies to a range of programs that allow consumers to electronically transfer money from personal accounts in order to pay for goods or services. Most of the time, online purchases require payment by credit card or bank account transfer. Technology known as a digital wallet makes online shopping easier and faster by offering consumers an electronic way to store payment information. 

Question # 3 : 5 Marks

Survey : “ Measuring the Effectiveness and Value of E-Payment Solutions “

After reading this survey, we conclude a result that most of the big companies/businesses are using e-payments instead of manual paper system. Companies using new e-payments methods are generating relatively more revenue. How can you relate increase in revenue with use of e payment services? List any 5 features that are contributing in generating more revenue. (According to survey conducted)

Note: Each factor should be properly explained in 1-2 lines.

    1. The ability to take payment for goods and services online presents several significant advantages to you as a business owner. Many Internet users expect speed and convenience. They want what they want, when they want it. By offering Internet shoppers the ability to make a purchase and pay for it online, you’re helping to facilitate their needs and desires. You’re enabling them to make their purchase at any time of day or night. Basically, your online store-front is open for business 24 hours a day, 7 days a week, 365 days a year.
    2. By allowing users to purchase goods and services online, you’re allowing them to pay for items on their own terms as wellIndependence and freedom play a role. Users are able to make purchases on their own without any reliance on another individual. They do not need to wait for the assistance of a sales associate to make their purchase, they do not need to wait an extensive period of time for approval of their purchase because everything is automated, and they do not need to write down a phone number or other information to contact someone to make their purchase. It’s on their terms, and they like that.


 

  1. Automated online payment processing can benefit your business in the form of reduced costs. You do not need to pay someone to process your transactions, and you do not need to pay to produce paper invoices and statements. Think of the additional time automated online payment processing can save you as well. You or an employee will not have to spend time processing payments yourself. Your time will be free to be better used on more important business matters.
  2. Having your site set up to take online payments portrays a professional image and boosts the credibility of your operation in the eyes of the consumer. It shows that you have taken the time and have invested the money to develop a well-run operation.
  3. You may experience increased sales. Why? Many of the purchases made online are impulse buys. Living up to consumer expectations is key to your success!

 

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