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Trends and Best Practices in the Digital Economy
Abstract
Various global initiatives are taking place in the digital economy that aim to enhance global business trade and development, especially with regard to e-commerce. The International Chamber of Commerce - ICC (1997), for example, has been involved in a few initiatives aimed at promoting global trust in electronic trade transactions by defining, identifying, and deconstructing what constitutes best practices within the digital economy. The International Chamber of Commerce is a non-profit, private international organization that works to promote and support global trade. It also codifies and harmonizes world trade practices in various publications. The ICC focuses on three distinct areas, namely General Usage for International Digitally Ensured Commerce (GUIDEC); the Electronic Trade Practices Working Group; and E-terms Service. GUIDEC expects to instil trust in open electronic commerce by developing a common understanding of the mechanisms used to guarantee identities and authenticate transactions over electronic networks. GUIDEC was established to provide guidance in a market where different definitions in different jurisdictions threaten to undermine the utility of digital signatures in cross-border trade.
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