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Serialization is the process of converting an object to another representation (often binary, though you can serialize to other forms like xml, but the default java serialization mechanism is to a binary form). You can persist that serialized form of the object for reading in (deserialization) to restore that object. Serialization is also used as a mechanism for sending java objects across processes/machines (e.g. with RMI). Serialization is not persistence but persistence is one way it can be used.
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