Radio Frequency Identification (RFID) business definition
A technology in which an electronic tag stores and transmits information that identifies an object or group of objects to which the tag is attached. RFID is used as a substitute for bar-code technology, which provides much less information and must be scanned. For example, RFID can store and relay information about the location and date of a product's manufacture. RFID tags can be active (include their own power source—these are more expensive) or inactive.