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A transaction (also referred to as an online transaction or an Internet transaction) is

[a]n electronic communication among two or more parties (e.g., business, negotiations, activities, etc.) of a discrete unit of work brought to the mutually agreed conclusion or settlement. The parties have an obligation to play their parts during the transactions and honor their commitments after the transaction.[1]

Identification, authentication, and authorization of these parties within a given transaction enable trust. Individuals, organizations, hardware, and software are all participants in an online transaction; therefore, attention to the identification, authentication, and authorization of each is paramount.[2]

[a]n agreement, communication, or movement carried out between separate entities or objects, often involving the exchange of items of value, such as information, goods, services and money.[3]
[a] command, message, or input record that explicitly or implicitly calls for a processing action. Information contained in a transaction shall be applicable to a single subject.[4]
the sale or purchase of goods or services, whether between businesses, households, individuals, governments, and other public or private organisations, conducted over the Internet. The goods and services are ordered over the Internet, but the payment and the ultimate delivery of the good or service may be conducted on or off-line.[5]


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