Bit And Byte (IIPM-Press Release)

By established but arbitrary convention, a byte usually comprises 8 bits (23 bits), a kilobyte 103 bytes or 210 bits, a megabyte 106 bytes or 220 bits and so on so forth. In 2002, the world created 5 exabytes (5x1018 bytes) of new information stored on media such as hard disks, DVDs and paper.

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Source:-IIPM-Editorial,2006