Regulating electronic commerce using XML : development of standards for the regulation and widespread interfacing of e-commerce

Abstract

E-commerce is much more than the opening up of a new, online sales channel for an enterprise, it is about using technology to streamline a company’s business model, creating savings and increasing efficiency, lowering costs and establishing closer, more responsive relationships with customers, suppliers and partners. A lot of businesses are trying to make further use of their presence online, with increased levels of interaction and services, mapping existing physical business processes in a virtual environment. The result of this is an increase of financial transactions being carried out in what has become the commercial frontier of cyberspace. Whilst the existing problems of carrying out business remain, a myriad of new problems have been created due to the different implementation strategies undertaken by these enterprises and the many technologies available to carry this out. The resulting situation is that of separate commercial “islands” created that whilst functioning adequately in their specific areas cannot extend in scope, thus defying the ontology of commerce. The need to standardise on these considerations becomes more apparent. In this regard, attempts to regulate the conduct of financial transactions and its relevant aspects on the Internet medium, are already underway by various bodies with varying degrees of success. The aim is that of protecting the rights of consumers and users whilst building public confidence in e-commerce. The establishment of new technologies and methods of conducting electronic business are constantly posing new problems that have to be considered, thus making this process even more difficult.