Topics: Public-key cryptography, Pretty Good Privacy, RSA Pages: 53 (15431 words) Published: May 27, 2013
Transactions from the very beginning of time have being a vital part of the human race and have cut across every single part of the different sectors of our modern day society. Transaction is the art of exchanging good for services which could take different forms. or an instance of doing business of some kind, e.g., a purchase made in a shop or a withdrawal of funds from a bank account according to the Encarta Dictionary. Thus the aspect of electronic-Transaction which has being given to the 21st century as a result of hard work and ingenuity on the part of computer programmers and engineers, is the process of exchanging goods for services or vice versa, with interested clients within or outside the immediate environment over the web. The aspect of E-Transaction is a relatively small aspect of the larger body called Electronic-Commerce, which is commonly known as e-commerce or e-comm, which refers to the buying and selling of products or services over electronic systems such as the Internet and other computer networks. Looking at the current case in the country, where most of the transactions handled are still done manually it would help to bring the innovative idea of a web based transactional environment where individuals can see and make certain of the financial status which their accounts possess. With careful consideration of our case study of Benson Idahosa University’s Bursary Department, it would prove both beneficial to students and staff alike, as well as help to save considerable effort. 1.2 STATEMENT OF THE PROBLEM

The E-Transact System is an example of the form of web based applications under Ecommerce which is created to better help individuals maintain a safe, efficient, and quick way to make transactions. The project attempts to address the following issues: * Help put an end to the claims of missing fees, tellers or receipts by students. * Make the long process of verification of payment a lot less difficult. * Give parents and guardians relief when payments are made as opposed to not knowing if the child has actually paid the fees or not. 1.3 AIM AND OBJECTIVE OF THE STUDY

The aim and objective of the study include the following:
* Encourage the development of online business/commerce based management applications in Nigeria. * Increase the awareness of the web based Electronic Transaction application to the general public. * Development of a new and better means of handling transactions. * Outline the benefits of adopting this system in Nigeria. * Help people to understand the need and importance for an Electronic-Transaction software. 1.4 RESEARCH METHODOLOGY

When taking into consideration the nature of the project a number of possible ways will be employed in the effort to gather the necessary information which will help in the considerable awareness for this project. These means include Resource Material, Observation and Research and Site Visit. 1.4.1RESOURCE MATERIAL

This is a process that involves the gathering of information from books, magazines, journals and other materials that are related to the subject of the study. This will involve getting definitions and meanings of some terms used in the business. Definitions and meanings can also be obtained from the dictionary. These books can either be purchased or found in the library. 1.4.2OBSERVATION

This process involves the physically monitoring and watching the various processes or tasks involved in handling transactions. Observation can be conducted in a formal or informal way. Apart from monitoring the various tasks involved, participation can also be adopted as an observation technique. By participating in these activities It would become easier to understand and appreciate the effort that are required in transaction management as well as determine how the new system will work. 1.4.3RESEARCH AND SITE VISIT

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