Credits and Debits on the Internet

CyberCash, First Virtual, GC Tech, NetBill--these and other systems have been developed to enable electronic transfers of payments across the Internet

19 min read
Credits and Debits on the Internet

Since the advent of banking in the Middle Ages, bank customers have used paper-based instruments to move money between accounts. In the past 25 years, electronic messages moving through private networks have replaced paper for most of the value exchanged among banks each day. With the arrival of the Internet as a mass market data network, new technologies and business models are being developed to facilitate electronic credit and debit transfers by ordinary consumers.

These new systems include CyberCash (which is a gateway between the Internet and the authorization networks of the major credit cards) and the Secure Electronic Transactions protocol (a standard for presenting credit card transactions on the Internet), as well as First Virtual (a way of using e-mail to secure approval for credit card purchases of information), GC Tech (a payment system that can use credit or debit via an intermediation server), and NetBill (a public­private-key encryption system for purchasing information).

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A teleoperated humanoid robot torso stands in a kitchen assembling a turkey sandwich from ingredients on a tray

Video Friday is your weekly selection of awesome robotics videos, collected by your friends at IEEE Spectrum robotics. We also post a weekly calendar of upcoming robotics events for the next few months. Please send us your events for inclusion.

CoRL 2022: 14–18 December 2022, AUCKLAND, NEW ZEALAND

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NVIDIA

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