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"GLOSSARY OF KEY TERMS" [2019] ELECD 1998; in Madir, Jelena (ed), "FinTech" (Edward Elgar Publishing, 2019) xxiv

Book Title: FinTech

Editor(s): Madir, Jelena

Publisher: Edward Elgar Publishing

Section Title: GLOSSARY OF KEY TERMS

Number of pages: 9

Extract:

GLOSSARY OF KEY TERMS




algorithm Software which uses a set of rules to create an automated process
whereby outcomes are generated with little or no human
intervention.
AML Anti-money laundering.
application The underlying computer code behind applications which allow
programming communication between software programmes or operating
interface (API) systems (for example, to allow information on a website to be
displayed on both mobile devices and desktop browsers).
artificial intelligence An area of computer science that emphasises the creation of
(AI) intelligent machines that work and react like humans.
asymmetric Also known as public key cryptography, is a form of encryption
encryption where keys come in pairs. What one key encrypts, only the other
can decrypt. Users typically create a matching key pair, and make
one public while keeping the other secret (see private key and
public key definitions below).
big data A data set which derives value due to being very large in size,
allowing it to be analysed in order to discover trends that would
not be apparent with a smaller data set.
Bitcoin Either a cryptocurrency or reference to the technology ­ a
distributed network that maintains a ledger of balances of Bitcoin
(the cryptocurrency).
blockchain A type of distributed ledger taking the form of an electronic
database that is replicated on numerous nodes spread across an
organisation, a country, multiple countries, or the entire world.
Records in a blockchain are stored sequentially in time in the
form of blocks. Each block typically contains a cryptographic hash
of ...