Final answer:
Electronic Data Interchange (EDI) refers to the structured exchange of electronic information between parties over networks, encompassing various aspects of modern communication and economic activities, and has been instrumental in globalization and streamlining business processes.
Step-by-step explanation:
Electronic Data Interchange (EDI) can be defined as the standardized and structured exchange of electronic information between two or more parties using public and/or private networks. EDI is utilized to transfer various data, such as purchase orders, invoices, and other business transactions, providing a paperless and efficient means of conducting commerce. With the advent of the Internet, this has expanded significantly to include a multitude of services like email, cloud storage, and even the transfer of digital products such as computer software, entertainment like movies and music, and professional services including financial and travel planning.
Telecommunications have revolutionized long-distance economic collaborations, enabling businesses to easily manage production and sales across the globe. In the healthcare sector, the sharing of digital records has been proposed to improve the quality and cost-efficiency of services in the U.S. while ensuring the privacy of patients' electronic information is protected. Additionally, the rise of social media has transformed political communication and international discourse, enabling public figures such as recent U.S. presidents to communicate directly with the public.
Overall, the rise of telecommunications and the Internet has promoted globalization, facilitated international trade and agreements, and created an environment where information is more accessible than ever before.